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As Pres. Biden declares new sanctions, the Nasdaq has traded to a brand new session excessive. That top reached 13205.90. The value has since rotated again down. The index remains to be larger on the day, however can it keep that means.
The Nasdaq is on a 5 day dropping streak.
Drilling to the 5 minute chart above, the index has been in a position to prolong again above the 100 bar MA at 13075, however fell wanting the falling 200 bar MA at 13226 space (inexperienced line).
On Feb 22 and Feb 23, the sample was the identical, and the value on every break of the 100 bar MA, ended up failing and shifting again to the draw back.
Can the patterns be damaged?
Can the 100 bar MA maintain help within the brief time period and push above the 200 bar MA above? Can the value simply shut larger?
The Nasdaq index has moved down over 22% from the excessive at right this moment’s lows. That put the index into bear market territory.
The S&P and Dow usually are not but out of the destructive woods.
The S&P is presently down -32 factors or -0.76% at 13103. The Dow is down -536 factors 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 chance of extending these dropping streaks right this moment.
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