NASDAQ index retests its 100 hour moving average

<p>The Nasdaq index is the weakest of the major stock indices today. The higher yields are weighing on the stocks in the index. </p><p>Looking at the hourly chart, the index this week moved lower on Monday and in the process broke below the 100-hour MA (blue line). By Tuesday, the price had moved back above that MA level, and the price moved to a week high at 13654.14 on Wednesday before moving back down. The low yesterday (before moving to session highs), stalled at the 100 hour MA. Buyers remained in control. </p><p>Today, the price action has seen another downward test of the 100 hour MA line. The low today reached 13540.26. The MA comes in at 13534. The Index got within 6 points of that MA level. The current price is at 13565.44. </p><p>Going forward, staying above the 100-hour MA keeps the buyers more in control at least in the short term. Conversely, move below and the sellers wrestle short-term control from the buyers. Traders will expect more downside probing once again.</p>

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