The lows from the final two days stall on the MA degree
The Nasdaq composite index remains to be decrease on the day, buying and selling down about -9 factors at present, nevertheless it was worse on the lows. Furthermore, the low worth stalled simply above the 50 day MA. Yesterday that MA was additionally examined earlier than bouncing late within the day (white line within the chart above).
So merchants are maintain the consumers in play and a little bit extra in management.
Now all just isn’t all rosy. The excessive worth from Friday’s rise took the worth above the 50% of the transfer down from the tip of August 2019 excessive at 7161.732. That strive stalled. The value can be properly beneath the 100 day MA at 7342.735. Bull markets in shares take the worth above that benchmark MA and keep above that key 100 day MA.
The excellent news is the 50 day MA is holding and hopes for opening governement and progress on US/China commerce might maintain a bid. The dangerous information is there may be extra work to do technically and with fundamentals like US/China, authorities shutdown. The value motion will inform the story. The 50 day MA beneath, and 50% retracement are the closest ranges on the each day chart toeye for buying and selling clues.