The major indices are trading to/near lows for the day as the intraday correction higher fizzles. The move lower is testing a key MA for the Nasdaq. It is breaking below the 100-hour MA on the S&P.
NASDAQ: The Nasdaq index is down retesting its rising 100-hour MA at 15607.25. A move below would have traders targeting its 38.2% retracement (of the 2024 range) and swing level at 15468.25 (see red numbered circles). A move below that level, the 200-hour moving average and 50% midpoint (of the 2024 range) comes in at 15279.26 and would be targeted.
S&P: For the S&P index, it fell below a channel trendline and swing area near 4955 and has more recently broken below its 100-hour moving average at 4940.34. The next target area comes at the 38.2% retracement of the 2024 trading range on the hourly chart at 4908.45. That is near the high of a swing area down to 4896.79 (see chart below).
This article was written by Greg Michalowski at www.forexlive.com. Source