The NASDAQ index move down to a low of 17352.93. In a prior post I outlined the area as a target level. The level corresponds with the 38.2% retracement of the move-up from the May low. That level comes in at 17353.82. It also corresponds roughly with the gap from June 11. That level came in at 17345.05.
The bounce back higher has the price trading at 17423. That is still down 572 points or -3.18%. Getting back above 17494.02 is needed to give the dip buyers some breathing space and a little more confidence.
This article was written by Greg Michalowski at www.forexlive.com.
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