Be aware.
As per the previous post, the Nasdaq index moved up toward the 100 hour MA on the upside momentum, but has seen sellers lean against that MA level and found willing seller on the test. That moving average comes in at 11308.75. The high price reached just above that level at 11312.88 before rotating back to the downside.
The index is now down around -47 points or -0.41% at 11318.
Stay below the 100 hour moving average keeps the sellers more control.
Recall from yesterday's trading, the initial moved to the downside stalled near the 100 hour moving average bounce higher but then fell below that level later in the day. Today with the moving average now as resistance, sellers leaned against it on the test. Advantage to the sellers on staying below that moving average level at least in the short-term from a technical perspective.
It would take a move above that 100 hour M him him him him him A, and then above the 200 hour moving average at 11412.87, to increase the buyers confidence.
