The NASDAQ index fell below its 100-day moving average on Tuesday and has remained mostly below it through Wednesday and today. This sustained break keeps sellers in control in the short term, reinforcing a bearish bias.
Key Technical Levels in Play
- Resistance: The 100-day moving average at 19,233.42 serves as a critical barrier. A move above this level would shift momentum back in favor of buyers.
- Support: The swing area near 18,832.20 has provided a solid floor this week, offering dip buyers some confidence.
With price action caught between these two levels, a breakout in either direction with momentum will be key for determining the next move. Traders will be closely watching for confirmation of a bullish breakout above 19,233.42 or a bearish continuation below 18,832.20.
The video above provides a deeper breakdown of these technical levels and their significance for market participants.