NASDAQ index continues its run to the downside

The NASDAQ index continues to fall with the index now down 435 points or -2.37% at 18068.83. The NASDAQ is on pace for its worst day of 2024. Back on October 25, the index fell -2.43%.

Technically, the NASDAQ gap lower and is trading below its 100 hour moving average. Recall that on July 1, the price tested at moving average and bounced. On June 24 it approached it and found early buyers (see blue line on the chart below).

The next major target comes near the 38.2% retracement of the move up from the May 31 low. That is joint by the rising 200 hour moving average. Both those levels come near 17826.

Meanwhile, the Dow Industrial Average average is the beneficiary of the selling with a gain of 90 points or 0.22% at 41043. The index is on pace for another record close.

The S&P index is lower as well with a decline of -66.72 points or -1.17% at 5601.

Finally, the small-cap Russell 2000 is lower by -7.70 points or -0.34% at 2256.39.

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