February 2, 2023

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NASDAQ index turns negative. Falls back below its 100 hour MA

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50 hour MA stalls the really

The NASDAQ index has now turned negative and trades to new lows for the day (as I type).  The index is currently down -22 points or -0.16% at 13941. The low price reached 13935.039. 

Looking at the hourly chart below, the price has moved below the 100 hour moving average at 13982.58. The index has traded below that level on Friday but could not maintain momentum stay below now would keep the bears in control.  Watch that level for momentum clues.  

50 hour MA stalls the really
On the top side, the 50 hour moving average (gray line in the chart above), has stalled rallies in the near term. That moving average currently comes in at 14034.91 and moving lower.. It would take a move above with momentum to increase the bullish bias.

The S&P index is still higher by 0.35% up 4195.94 (up 15.27 points). The Dow is up 264.2 to points or 0.78% at 34139.  

Wells Fargo analyst Chris Harvey his urging investors who are avoid big tech to take some profits.  He commented “It’s not that we hate tech. It’s just some of the tech companies are high-growth, high risk, and high multiple”.  He expected yield to breakout with the 10 year yield reaching 2% next month.  

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