The NASDAQ index continues to fall. In premarket trading at the start of the US session, the index was up around 50 points. The current price is down -246 points or -1.29% at 18743.80. The low price reached 18724.39.
Looking at the hourly chart, the price is approaching its 200 hour moving average at 18675.91. In trading on Friday, the price briefly dipped below that moving average line but bounced higher. Below the 200 hour moving average is a upward sloping trendline which cuts across at 18575 currently. We below those levels would increase the bearish bias and have traders looking toward the 38.2% retracement at 18340.73.
On the top side, a move back above the 100 hour moving average at 18874.89 is needed to give the buyers some added confidence.
This article was written by Greg Michalowski at www.forexlive.com.
