As Pres. Biden announces new sanctions, the Nasdaq has traded to a new session high. That high reached 13205.90. The price has since rotated back down. The index is still higher on the day, but can it stay that way.
The Nasdaq is on a 5 day losing streak.
Drilling to the 5 minute chart above, the index has been able to extend back above the 100 bar MA at 13075, but fell short of the falling 200 bar MA at 13226 area (green line).
On Feb 22 and Feb 23, the pattern was the same, and the price on each break of the 100 bar MA, ended up failing and moving back to the downside.
Can the patterns be broken?
Can the 100 bar MA hold support in the short term and push above the 200 bar MA above? Can the price just close higher?
The Nasdaq index has moved down over 22% from the high at today’s lows. That put the index into bear market territory.
The S&P and Dow are not yet out of the negative woods.
The S&P is currently down -32 points or -0.76% at 13103. The Dow is down -536 points r -1.62% at 32592. The S&P has been down 4 consecutive days and the Dow is down 5 consecutive days. They stand the risk of extending those losing streaks today.