Be aware: Nasdaq index tests 200 hour MA. Bounces on first test.

200 hour MA at 7932.89.

The Nasdaq index is down about -73 points at 7936.95 as I type. The 200 hour MA comes in at 7932.89. The low for the day reached 7932.17.

The test of the 200 hour MA found dip buyer on the first look. The price is threatening another test. A break below would be more bearish - if the price can stay below.

Last week, the price fell below that MA line near the opening range on Tuesday and Wednesday with each dip failing. This is the 4th test (will refrain from calling it a "break" for now).

Be aware. Key level. A move below could solicit a momentum move lower.

While the tech heavy Dow gets hit, the Dow is up marginally at +0.05%. The S&P is down -0.22% (the Nasdaq is down -0.90%).

• Twitter Is down -4.52%
• Amazon is down -2.8%
• Apple is down -1.67%
• Alphabet is down -1.1%