The NASDAQ index continues to get hit with the price now down 500 points or -2.72%. That is its largest decline since December 2022.
Looking at the hourly chart below, the price gap lower and immediately moved below its 100-hour moving average (blue line currently at 18194). The next key target area comes between 17820 and 17839. Those levels represent the 38.2% retracement of the move up from the May 31 low and the rising 200-hour moving average. The price has not traded below its 200-hour moving average since May 2 (at a level 16014 - so the price is much higher of course).
Of course, the major movers in the Magnificent 7 will be releasing earnings but not for a week or so. Alphabet, Microsoft and Tesla kick if off on July 23rd. Nvidia won;t announce until August 15 nearly a month from now.
Below is the tentative schedule.
- Alphabet, July 23
- Microsoft July 23
- Tesla July 23
- Amazon, July 25
- Meta Platforms, July 31
- Apple, August 1
- Nvidia, August 15
This may be a quarter where these major players announce BEATS, but the focus will be more on the forward guidance.
