Nasdaq opens lower after yesterday’s sharp gains. NASDAQ leading the way lower | Forexlive

The major US indices are opening a lower. The NASDAQ index is the worst performer with a decline of -0.66% at 19570. That is down around 134 points on the day.

Looking at the hourly chart, the sharp rise yesterday fell short of the high price from last week (on Wednesday) at 19800.46. The high price extended to 19733.31 yesterday.

Of note technically is that on Friday, the low price tested its rising 100-hour moving average only to find support buyers near that level. That increases that moving averages importance going forward. It currently is at 19441.38. Moving below that level and staying below that level would be more bearish.

Looking at the hourly chart, back on May 30 the price did try to break below that level only to fail and rotate back to the upside.