The major indices are skimming along the Lowes for the day. All three major indices are negative now.
A snapshot of the market currently shows:
- Dow industrial average -18.25 points or -0.05% at 33384.14
- S&P index -26.98 points or -0.66% at 4073.63
- NASDAQ index -189.64 points or -1.56% at 11936.68
Looking at the NASDAQ index on the hourly chart below, the price is getting closer to its rising 100 hour moving average. That level comes in at 11867.06. The low price today has reached 11931.85. The last time the price traded below the 100 hour moving average was back on March 16.
Moving below that moving average level would have traders eyeing a swing area between 11827 and 11853. Below that and the 38.2% retracement of the move up from the March 13 below comes in at 11750.28.
NASDAQ index moves toward its 100 hour moving average
This article was originally published by Forexlive.com. Read the original article here.