Uh-Oh!
The rise in the NASDAQ index today took the price to a high of 17295. That also extended briefly above its 200-hour moving average at 17284.26 (at the time – the current level is a little lower at 17281.12), but the momentum quickly reversed and traders started to use that moving average line as resistance on the next hourly bar.
The price has since moved lower trading to a new low in the current hour at 17035.07. The low price for the week and during yesterday’s trade extended down to 16984.67. Breaking below that level would increase the bearish bias.
This article was written by Greg Michalowski at www.forexlive.com.
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