The NASDAQ index is trading at new session lows, with the price reaching 11935.04. The current price stands at 11936.80, down -96 points or -0.80%. Technically, the decline has pushed the index below its rising 100-hour moving average, currently at 11961.50. This marks the first time the price has traded below this moving average since March 16. Staying below the moving average indicates that sellers maintain control. Earlier today, the low price found support at the moving average, attracting buyers.
The next crucial target lies at Thursday’s low of 11898.36. If the index falls below this level, traders will shift their focus to 11827.92, followed by the 38.2% retracement of the rally from the March 13 low, which is at 11750.28. The rising 200-hour moving average is also near this level, at 11749.72. That level would need to be broken to give the bears more control.
At the intraday high, the NASDAQ index was up 102.63 points. For the trading week, the NASDAQ index is now down -1.33%. Last week the index fell -1.2%. The NASDAQ index has not have consecutive down weeks since December.