NASDAQ index gives up its gains in traded to negative territory | investingLive

NASDAQ Index: The index pushed as high as +121.48 points, setting a new all-time intraday high at 22,000.97—a milestone that came just shy of the round 22,001 mark. Those gains, however, were short-lived, with the index slipping back to trade around unchanged. The low of the session saw a decline of -16.03 points, while the current price sits near 21,880.51, up just 1.13 points (0.01%).

From a technical perspective, the 22,000 level now serves as a potential leaning point for traders. Selling against the figure with tight stops above could offer limited risk, though it represents only the first step if sellers are to regain more meaningful control.

On the hourly chart, swing highs from August 13 formed a ceiling between 21,742 and 21,803. A move back below that area would give sellers greater confidence and likely disappoint buyers chasing fresh highs. Below that zone, attention shifts to the rising 100-hour moving average at 21,541.67, followed by the 200-hour moving average at 21,434.86.

Back in August and early September, dips below the 200-hour moving average quickly reversed, limiting bearish momentum. For the downside bias to truly take hold this time, the index would need to break—and stay—below both the 100- and 200-hour moving averages, opening the door to a more sustained correction.