February 2, 2023

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NASDAQ index falls over 300 points and over -2%. Bouncing modestly

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Down -2.28% at the session lows

The NASDAQ index moved down to a low price on the day of 13577.68. That took the index down -2.28% on the day. The high percentage change is at -0.72% so far. The index is currently down -1.98% or -276 points at 13619.71. 

Technically, the price fell below its 200 hour moving average at 13711.46 (see green line in the chart below).  It will now take a move back above that moving average level to tilt a bias more to the upside. Look for sellers against the level on a bounce higher.

Down -2.28% at the session lows_

On the downside, the 50% midpoint of the move up from the April 25 low comes in at 13499.19 and would be a target on further selling.

Taking a broader look at the daily chart, the 50 day moving average comes in just above the 50% retracement level at 13513.79.  That would be the the next target on further weakness followed by the aforementioned 50% retracement level.

Nasdaq on the daily chart

In the other indices:

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