The S&P and Nasdaq indices gap lower shifting the short term bias back in sellers control
The broader U.S. stock indices came under heavy selling pressure overnight, with the NASDAQ futures at one point down more than 800 points in premarket trading. Since the opening bell, however, both indices have staged a partial rebound. The NASDAQ is currently lower by around 320 points, while the S&P 500 is down roughly 60 points.
Even with the recovery, the decline has pushed both indices below their key 100-hour and 200-hour moving averages, shifting the near-term technical bias back toward the sellers.
- For the S&P 500, the 100-hour and 200-hour moving averages are nearly converged near 7,472, creating an important resistance zone. The index fell to a low of 7,347 before rebounding to a high of 7,421. As long as the price remains below those moving averages, sellers maintain the upper hand. It would take a move back above that area to tilt the short-term bias back in favor of the buyers.
- The NASDAQ is telling a similar story. The 100-hour moving average comes in at 26,232.89, while the 200-hour moving average sits at 26,330.56. Today's rebound has only managed to reach 25,882.57, leaving the index well below those key technical levels. Like the S&P 500, the NASDAQ needs to reclaim its 100- and 200-hour moving averages to shift the near-term bias back toward the buyers.
In the video above, I discuss the punches thrown by the sellers and why, despite today's rebound attempt, the bears currently hold the technical advantage.
This article was written by Greg Michalowski at investinglive.com.提供 MainLink：Investinglive RSS Breaking News Feed
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