The US stock indices have taken a turn to the downside. The NASDAQ index is leading the way with a decline of -0.9%
Looking at the NASDAQ hourly chart, the price has rotated down to the 200 hour moving average at 10931.65. The move below the 200 hour moving average would have traders targeting the 50% of the November trading range which comes in at 10881.73.
Looking at the Dow 30, it's price is approaching its 100 hour moving average at 33633.26. The price last traded below the 100 hour moving average on October 13. Since the October 13 low, the price moved up near 20% to the high price reached on Friday.. A move below 100 hour moving average would have traders targeting a swing area near 33239 to 33252.
Meanwhile the S&P has moved below its 100 hour moving average currently at 3944.91. The low price has traded to 3917.69. Stay below the 100 hour moving average would keep the sellers firmly in control.
