NASDAQ index now down 2% on the day

The NASDAQ index is trading to a new session low of 10982.80.

The break lower is taking the price away from its 100-hour moving average at 15922.44 price. The 200-hour moving average at 15764.89 is the next major target.

Looking back to February 21, the price tested that 200-hour moving average level and found willing buyers. It would take a move below that level to open the door for more downside momentum toward the 38.2% retracement of the 2024 trading range. That level comes in at 15603.82.

Sellers are making a play below the 100-hour moving average.

This article was written by Greg Michalowski at Source