NASDAQ index on pace for its worst day since October 25

<p>The Nasdaq index is trading back down toward its lows for the day. The index is down -274 points or -1.80% at 14740.31. The low for the day reached 14723.75 today. </p><p>The fall is the largest decline since October 25. Since that fall, the index had been up for 9-consecutive weeks. </p><p>Technically, the rebound off of the earlier session low was able to stay well below its 100-hour moving average. That moving average comes at 14882.25. It would take a move back above that moving average to give the buyers more confidence.</p><p>On the downside, the rising 200-hour moving average comes in at 14569.03 (green line on the chart above). </p><p>The sellers have the "bit in their mouth" and they are trying to keep that pressure on the index. With a 9 -week win streak, it is not so hard to think of a downward corrective move in the index. The inability to get close to the 100-hour moving average on the bounce today and the move back down is indicative of the sellers starting to tilt the tide more in the downward direction.</p><p>Meanwhile, the S&amp;P index is down -36.46 points or -0.77% at 4733.35. The Dow Industrial Average is also lower by 45 points or -0.12% at 37645.</p>

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