The NASDAQ index is trading down around -221 points or -1.7% at 12744. This took the index below its 100 hourly moving average at 12754.76.
On July 26, the price briefly fell below the 100 hourly moving average only to deviate higher the next day. Today’s intraday break gives sellers the opportunity to increase their bearish bias with more momentum.
Salespeople play. Can they keep up the momentum?