The NASDAQ index is trading lower by nearly 1% today, pulling back from the all-time high reached last Wednesday. The decline has brought the index closer to a key technical level — the rising 100-hour moving average, now at 21,325.57.
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.
Should the index slip below the 100-hour moving average once again, traders will shift focus to the 200-hour moving average at 21,105.00. That level also has history: on August 1, the index briefly dipped below the 200-hour average before snapping back higher.
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.Hence then, the article about downside in the nasdaq index continues index is now down close to 1 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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