NASDAQ retests it’s 100 day moving average
the NASDAQ continues to lead the way to the downside. It is down nearly 2% on the day. Meanwhile the S&P index has just turned back into the red but is only down -0.06%. The Dow industrial average is where the money is going. It is currently up 417.01.33 percent at 31912. That you traded to a new all-time high price today of 32,148.04.
Looking at the daily chart of the NASDAQ index, it is down retesting it’s 100 day moving average at 12637.597. The over the day just reached 12654.87.
Both on Thursday and Friday of last week, the price moved below the 100 day moving average only to rebound quickly , and close higher. A close below the 100 day moving average would be the first since October 30, 2020. The index only closed below the 100 day moving average at that time for one trading day before rotating higher and trending to the February all-time high.
Prior to October, you have to go back to April and May 2020 to find multiple days where the price closed below its 100 day moving average.
Although stocks continue to move, the Forex market is relatively quiet and stable.
In the US at that market, the 10 year yield is up 2.6 basis points at 1.5924%. That is still below the high yield reached earlier today at 1.6117%. The five year yield is up 5.0 basis points at 0.847%. That is below its high for the day at 0.8519%
The rotation continues with Nasdaq tech stocks continuing to be under performer.