The Nasdaq index is trading to a new session low and in the process is now down 3% on the day. The low price . The price reached 12481.76. The price is currently trading just above that 12490.00. That’s down 381 points or -2.96% on the day.
Technically, the price is also now below the 38.2% retracement of the move up from the post pandemic low back in March 2020. That level comes in at 12552.36. The price is also approaching the low for the week at 12490.74 reached just yesterday. That level is just above the low from 2021 which traded at 12397.05. A move below that level would open the door for further downside.
PS the chart, looks head and shoulder-ish as well. Doesn’t it?
A big catalyst to the downside today is shares of Amazon which are down over 15% or $-449. Also of note technically is the price moved below the 200 week moving average for the first time since January 2009. The price back then was at $54.
The NASDAQ is down -3.16% on the day