Sellers keep control below the 100 hour moving average.
Sellers are winning today on the Nasdaq.
The index is currently down 165 points or -1.05% to 15,687.64. The low price reached 15,603.30. So these are the lowest, but sellers are playing today.
Technically, the price opened lower and rebounded higher after the best PMI flash data. Price tightened to retest the broken 100 hour moving average at 15,889.71. The high price hit 15,885.86 – just below that key 100-hour MA barometer.
The sellers kept a lid on the fix rally, and the sellers pushed lower.
After that ?
The next “score” for sellers would be up 200 MA hours to 15546.13 (and up). Move below that level and the salespeople assume more control.
Helping the bulls would require breaking the aforementioned 100-hour moving average currently at 15,889.71.
Although rates are higher further on the curve (bearish for the high-tech Nasdaq), they are now lower in the short term. The two-year yield peaked at 0.687%. The five-year yield rose to 1.365%. However, both are trading closer to the day’s lows (at 0.61% and 1.326 respectively). Meanwhile, the 30-year and 10-year are still up more than 2.0 basis points.