The NASDAQ index is now down -2.6%. The current prices trading at 182 and a .90-389 points or -2.09%. The low price reached 18214.84.
In 2024, there have been 11-days where the price fell over 2.0%. The worst decline was a -3.64% decline back on July 24. On August 5 the day of the Japan carry trade unwind, the price-3.43%.
Today is the last day of the training month, and the NASDAQ index clings to a 0.21% gain.
The declines comes after the NASDAQ index closed at a record level for the year on Tuesday at 18712.75. Yesterday, a new intraday high was reached at 18785.49 before reversing lower and closing down on the day.
Technically, the price has broken below its 200 hour moving average at 18273.25. That is the first break below that moving average since September 11.
Stay below that moving average would keep the sellers more in control at least in the short term. Move back above and there could be some disappointment on the failed break.
The next support level comes in at 18146.61 which was the swing low going back to October 23 and also near other swing low levels going back to September 25 (see red numbered circles on the chart above). A move below that level would have traders targeting the 38.2% retracement of the move up from the September low. That level comes in at 17972.63.
Yields continue to move higher with the:
- 2 -year now up 5.0 basis points at 4.204%
- 5-year up 6.6 basis points at 4.191%
- 10 year up 5.3 basis points or 4.316%
- 30 year up 1.9 basis points or 4.498%
This article was written by Greg Michalowski at www.forexlive.com. Source