Meanwhile, the Nasdaq has also come under renewed selling pressure, with the index falling back below its 200-day moving average at 18,393.35. Earlier this week, the Nasdaq reached a low of 17,956.60, hovering just above a crucial retracement level—the 50% Fibonacci retracement of the August 2024 rally at 17,953.44. This level remains a key downside target for traders, as a sustained break below it would strengthen the bearish bias from a technical perspective. If sellers gain control, the risk increases for further downside movement, potentially testing deeper support zones.
As market volatility remains elevated, traders will closely watch how these key technical levels hold up in the coming sessions. A rebound from support could lead to renewed buying interest, while further declines could intensify the selling momentum, leading to deeper corrections.
This article was written by Greg Michalowski at www.forexlive.com.Hence then, the article about s p index moving closer to its rising 200 day moving average was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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