December 10, 2022

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NASDAQ index cracks below its 200 hour moving average for the first time since July

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The index last fell below its 200 hour moving average on July 19

The NASDAQ index today is leading the way to to the downside today.  The low for the day reached 14610. The current price is trading down 182 points or -1.22% at 14641.

The index last fell below its 200 hour moving average on July 19_

Looking at the hourly chart, the price opened near its 100 hour moving average at 14767.30 and moved to the downside from the start. The index more recently fell below its 200 hour moving average at 14693.43 (see green line in the chart above). That was the first break below that specific moving average since July 19. 

On July 27 and again on August 3, the price moved down to test the 200 hour moving average, but found buyers ahead of that level. Last week the price also approached the area but found earlier buyers that helped to push the price back to the upside.

The global geopolitical tensions along with lower China growth and concerns about a faster Fed taper as pressured the NASDAQ stocks. The NASDAQ’s -1.22% declined is outpacing the S&P which is currently down -0.6% and the Dow industrial average which is down -0.38%
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