Nasdaq bears take over and tilt the short-term bias down. S&P also below moving average.

The 4-day win streak for the Nasdaq index is on track to be broken today. The tech heavy index is currently down 134.21 points or 0.90% at 14835.47.

The move lower has also taken the price back below its 100-hour moving average. That moving average currently comes in at 14868.74. Yesterday the price extended above the moving average on its way to a high this week of 15063.61 reached earlier today. Moving back below them moving average is a bearish tilt in the short term for the index.

Looking at the other broad index, the S&P index. It’s 100-hour moving average comes in at 4747.86. The price has just moved back below that level and currently trades at 4746.82 down -36.7 points or -0.77%.

Earlier today, the S&P index traded above its all-time high closing level at 4796.57. The high price reached 4798.50 before rotating back to the downside.

This article was written by Greg Michalowski at Source