NASDAQ index gives up its gains and trades in a negative territory

The NASDAQ index has given up its gains and trades in negative territory. The index is currently down -21.08 points or -0.15% at 13618.50. The price of the NASDAQ index has been up for 8 consecutive days. The move from the October 26 low at 12543 to the high today at 13684.87 took the price up 9.10% (in 9 trading days).

The NASDAQ index has its 100-day moving average at 13616.14. The price remains just above that level. A move below would disappoint the buyers on the break.

Recall that back on October 11, the price closed above its 100-day moving average and traded higher on the very next day, before reversing and closing lower and back below the 100-day moving average. That started the move to the October lows.

Will history repeat itself? Key technical level to eye today.

The Dow industrial average (up 42 points) and the S&P index (up 2.73 points) remain in positive territory but off session highs.

This article was written by Greg Michalowski at Source