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100 hour MA at 13206.04
The Nasdaq index is trading to a new session low and in the process is retesting – and now breaking - its 100 hour MA at 13206.03. The low has reached 13183.99. The current price is at 13199.
The price of the Nasdaq closed yesterday above its 200 hour MA for the first time since February 19 (it traded above the 200 hour MA on Tuesday but closed below the MA).
Today, the gap lower at the open, retested the 50 hour MA and bounced modestly. However, the selling momentum has increased over the last few hours of trading. A close below the MA should increase the bearish bias.
The catalyst initially was higher yields. And although the 10 year still remains up by 8.6 basis points at 1.7295%, it is off the high yield of 1.7526%.
The tumble in crude oil (-7.21% currently, and back below $60 at $59.94) has traders worried about slower potential growth economic growth.
The S&P index is down 37 points or -0.93% at 3937. The Dow has turned negative by around -6 points or -0.02% at 33008