Downside in the NASDAQ index continues. Index is now down close to 1% ...Middle East

This moving average has played an important role recently. The index last fell below it on July 31, but quickly recovered, climbing back above on August 6 and using it as a springboard for the run to the record high at 21,803.75.

For traders, today’s price action will help determine whether the current move is simply a pullback within an uptrend or the start of a deeper correction. Getting and staying below the moving averages would be a negative and suggests more downside potential for the index.

This article was written by Greg Michalowski at investinglive.com.

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