NASDAQ index traded above and below its 200 hour moving average | investingLive

The NASDAQ and the S&P index are both down around -0.45% on the day and trading closer to their lows. The S&P index is down -20.2 point or -0.45% at 6367.48. The NASDAQ index is down -102 points or -0.48% at 21071.50.

Looking at the hourly chart of the S&P index, it trades between its 100 and 200-hour moving averages. At the session low today, the price did bounce off of the 200-hour moving average (green line on the chart above), keeping the technical bias more neutral. Having said that, the high for the day did extend above its higher 100-hour moving average at 6385.78, but failed to gather additional upside momentum. A move below the 200 hour MA with more momentum, will open the downside for more probing. The 38.2% at 6275.14 of the move up from the June 23 low would be a target on more selling.

The S&P index is working on it fixed-rate data the downside

Looking at the hourly chart of the NASDAQ index, the price action has been above and below its 200 hour moving average (Green line at 21150.40), but remains well below the 100 hour moving average at 21332.46. Staying below those moving averages is a bearish tilt with the 38.2% at 20864.09 and the 50% at 20571.83 targets on more selling momentum.

The NASDAQ index is on its 4th day down in the last 5 trading days.

With Fed Chair Powell scheduled to speak tomorrow at 10 AM, I am not surprised that the market is taking a more cautious approach with the increased risk. Price action tomorrow will be more volatile.

Meanwhile in Europe, major indices closed mixed