US stocks give up early gains. NASDAQ index now down on the day

The NASDAQ index opened higher on the day reaching a peak of 19644.23. That was up 120.22 points and it highs. Since then, the price has rotated to the downside and is currently down – 100 points or -0.52% at 19423.

Disappointing the buyers was that at the high price for the day, the price could not extend back above its broken 200 hour moving average at 19661.80. Getting above that moving average and the higher 100-hour moving average at 19740.91 is needed to tilt the bias more in favor of the buyers. Absent that and the sellers are still in control.

The low price from last week at 19415.48 is the next target and been tested currently. Move below that level, and there should be further downside momentum.

The trading range going back to November 21 has a low near 18831 and the high at 20204.58. A move down toward that low would only represent a -6.74% decline from the all-time high price from December. So don’t underestimate a move lower.

Nvidia announces earnings after the close on Wednesday. It shares are holding onto small gains of $0.32 or 0.24%.

Shares of Palantir continue to be under pressure. Its shares are down $9.31 or -9.19% at $91.91. Shares are down for consecutive days. It price is currently testing its 200 hour moving average at $91.97 and below its 50% midpoint of the move up from. 2025 low at $94.59.

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