Nasdaq index moves down to test the 100 hour MA. Key short term target/bias level.

<p>The Nasdaq index is the biggest decliner of the three major stock indices with a fall of 1.4%. That decline has taken the price of the index down toward its rising 100-hour moving average currently at 15226.50. A move below that level would increase the bearish bias and have traders looking toward the 200 hour movie average at 15050.50.</p><p>Conversely, if buyers step in against the support target, and stay above, we should see a rotation back to the upside with the 50-hour moving average at 15509.90 as the next key upside resistance target.</p>

This article was written by Greg Michalowski at www.forexlive.com.