NASDAQ runs to the downside

The NASDAQ index is now down over 230 points or -1.51%. The move to the downside has coincided with some more bearish comments from the pundits on CNBCs Halftime Report. Typically, Josh Brown tends to be more supportive of the market. He turned more short term bearish yesterday and reiterated today. Pete Najarian is also more cautious.

Brown outlined the 200 day MA in his analysis. He does say, however, that if the 200 day MA is broken again, he would be a buyer (but does not put a level on it.

Looking at the daily chart, the Nasdaq’s 200 day MA is at 14720.15. On Monday, the price move below that moving average line only to find dip buyers. The subsequent rally moved up toward its 100 day moving average at 15279.83, but the move above yesterday could not close above. Today the price has rotated back to the downside.

The Dow is back to unchanged on the day at 36300. The S&P is down -32.00 points or -0.68% at 4694.50.