The major US stock indices have skidded lower led by the NASDAQ index.
Looking at the hourly chart above, the move to the downside has seen the price of the Nasdaq index move below its rising 100-hour moving average (blue line in the chart above). That moving average currently comes in at 13465.67. The current price is trading down -101 points or -0.75% at 13391.22
The break below the moving average is the first time since May 4. That tilts bias to the downside at least in the short term.
Stay below will have traders looking down toward the rising 200-hour moving average at 13096.03. The 38.2% retracement of the move up from April 25 below is just below that level at 13075.
Meanwhile, the S&P is also trading down today by about -10 points, and in doing so, is also breaking below its 100-hour moving average at 4344.53. The current price trades at 4337.59. The Dow Industrial Average is still higher by 16 points or 0.05%.
This article was written by Greg Michalowski at www.forexlive.com. Source