Stocks slide. The Nasdaq is moving down to test the 200 hour MA. Bounces modestly on the first test.




Nasdaq falls to the bottom of 6524.52. Currently 6533 down 64 points or -0.98%from The NASDAQ composite index is down about 1% on the day (currently trading at 6533 decrease of 64 points).

The index has dropped to a low of 6524.52. Looking at the hourly chart the 200-hour moving average to 6527.769. So the price is passed under the bar but is trying to bounce off of this level.
Back on the 25th of September, the price fell below 200-hour MA, but has rebounded above the very next day, and walked more.
ON a break below, a downward trend of the line of the cut across to 6492. The 38.2% of the move up from the August low in 6462.73. This is another downside target on a break lower.
Earlier today, the high, the price of the index has tested the 50 hour MA (white line in the chart above), but in the impasse. This failure to move back above that MA line, has given sellers more confidence to explore the downside. The bottom of the 19 October at the 6558.52 will be the eyes as close to the risk of short circuits. Stay below and the sellers are taking more control.



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