Nasdaq is back below the 100 day MA
The Nasdaq index has a high today of 12124.87. That did take the price back above the the indices 100 day at 12109.50, but not for the long. The price has rotated back to the downside reaching a new intraday lows at 11981.42. The current price is at 11997, down -144 points or -1.19%.
Technically, staying below the 100 day MA would keep the sellers more in control. The next target would be at the 50% of the move up from the 2022 low reache in July. That midpoint level comes in at 11867.93.
The price of the nasdaq index is now down -9.10% from the August high. On the positive note, the index is 13.41% up from the low. For the year the Nasdaq is down -23.4%.
Of note is that Apple – a large cap bellweather – has traded back below its 100 dat MA near $161. The low today reached $159.81 but is trading back at the 100 day MA level currently. Apple had been a leader on the run higher off the July low. It moved up 36.5% from the low this year and got within 0.83% from the end of year level at the highs this month. The price is down -.8.6% from the high this month.
Apple back at the 200 day MA