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Nasdaq slips below 200-hour average as S&P faces key resistance

The Nasdaq is trading between its 100-hour and 200-hour moving averages, a zone the outlet says keeps the short term bias at neutral.

Reported · Written up by our desk · Indices

Early trading showed broad weakness, with the Nasdaq Composite down 0.90% and the S&P 500 lower by 0.40%, according to Forexlive.

Forexlive said the Nasdaq slipped back below its 200-hour moving average at 26,088.24, while it remains above the 100-hour moving average at 25,873.74. The outlet noted that trading between those two levels shifts the short term outlook to neutral, with a move back above the 200-hour average expected to restore a bullish bias, and a break below the 100-hour level potentially increasing downside risk.

For the S&P 500, Forexlive pointed to a rally that stalled at the June 15 swing high near 7,575.50, leaving a potential double-top in place. The article said that as long as the index stays below 7,575.50, sellers may test lower levels, with nearby reference supports listed at the 200-hour moving average near 7,472.92 and then the 100-hour moving average around 7,463.47.

Latest closeS&P 500 7,675.92 ▼0.4%|Nasdaq Comp. 26,749.30 ▼0.7%

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