The flow of funds is seeing an exit out of the March Tech stocks of the NASDAQ index and into the more cyclical Dow industrial average stocks. The S&P index is now starting to move lower as well.
The snapshot currently shows the NASDAQ index down -262 points or -1.67% 15305. The S&P down -16 points or -0.34% at 4694. The Dow is up around 100 points.
Looking at the hourly chart of the NASDAQ index above, the price has move down from the start and moved below its 100 hour moving average at 15476.32 (blue line). The high price for the day stalled well ahead of its 200 hour moving average at 15681.37. The high price for the day reached 15633.19.
On the downside, the 50% midpoint of the move up from the October 4 low comes in at 15196.96 and that would be the next downside target.
