Stocks move to new lows. Crowdstrike down -10.66%. Musk says “We just deleted Crowdstrike”

Overnight Crowdstrike uploaded an update that crashed Microsoft products and in turn many businesses. I am still having some issues with my technology. Crowdstrike shares are down -10.60% at $306.40. At least the stock is off the low at $290.10.

Meanwhile, the major indices have moved to new lows in the current hourly bar.

• Dow industrial reached a low of 40,216.32. It currently trades at 40261.40 down -0.90%
• S&P just reached a low of 5507.56. It currently trades at 5508.99 or -35.80 points or -0.65%.
• NASDAQ index trades down -128.89 points or -0.72% and 17740. It’s low reached 17717.97

On Wednesday I targeted the 200-hour moving average for the Nasdaq index as a key target, the green line on the below chart. The price has now moved below that MA level.

In the video yesterday, after the price moved below that 200 hour MA, I also commented:

Going forward, staying below that 200-hour moving average keeps the sellers in control and has them targeting other levels including the low price from July 1 at 17657.64, the low price from June 24 and June 11 at 17494, and the 38.2% retracement of the move-up from the April 19 low. That level comes in at 17358.70.

Here is that video commentary:

Sellers are making more of a play in the Nasdaq index. Dips have traditionally been bought, but it will now take a move back above the 200 hour MA to turn the bias around. Absent that, and the aforementioned support (especially the 38.2% retracement) will be targets that could stall the fall.

Be aware.

This article was written by Greg Michalowski at www.forexlive.com.