Technical Analysis

Nasdaq and S&P remain below 200 hour MA

Gapped below the MA level 

Both the Nasdaq and the S&P indices gapped below their 200 hour MAs at 7401.96 and 2744.41 respectively.

On the corrective move higher for the Nasdaq today, the price moved to high of 7395.35. We currently trade at 7389.47.

For the S&P, the corrective high could only get to 2736.49. The 200 hour MA is at 2744.41. We currently trade at 2734.23.

S&P index remains well below the 200 hour MA at 2744

Those MAs are key for the short term bias  Stay below is more bearish. Move above and the break lower today loses some of its shine.  

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