The Nasdaq index traded to an intraday lows at 11024.64. That took the worth beneath the 200 week MA at 11096.17. However, since bottoming the worth has moved again above the important thing 200 week transferring common.
The present value is buying and selling at 11109. That remains to be down -109 factors or -0.97%, however no less than it’s above the transferring common stage with sooner or later to go within the week.
During the week of June 3 this yr, the worth additionally moved beneath the 200 week transferring common, however closed the week proper close to the transferring common stage. Subsequent weeks weren’t in a position to breach the transferring common stage and that helped to base the index which finally led to the July/August rally with the worth reaching a higho of 13181.09.
So historical past is repeating itself…. possibly.
It seems like tomorrow might be a key day for the NASDAQ index. Have a Friday rebound day, and the stress is off of a unfavourable weekly shut. Conversely, have a Friday selloff into the shut and issues might be trying like a retest of the June low is within the playing cards at 10565.14.