The Nasdaq index was again hijacked from its 100-day moving average. Recalling from last week, price tested this moving average only to find sellers against the level.
Yesterday and today, the price moved closer, but remained well away from the level before the sellers arrived, pushing the price lower after Brainard’s more hawkish comments.
The price is now trading at a new low for the week and down around 250 points or -1.72%. Yesterday, the price rose 1.9% after a higher gap move at the open.
Also worth noting today, from a technical standpoint, the price is back below the 50% decline from the all-time low in November. This mid level comes in at 14383.79. The level is now a close risk level for the seller.