NASDAQ index now down -500 points. Biggest percentage decline since December 2022
The NASDAQ index continues to get hit with the price now down 500 points or -2.72%. That is its largest decline since December 2022.Looking at the hourly chart below, the price gap lower and immediately moved below its 100-hour moving average (blue line currently at 18194). The next key target area comes between 17820 and 17839. Those levels represent the 38.2% retracement of the move up from the May 31 low and the rising 200-hour moving average. The price has not traded below its 200-hour moving average since May 2 (at a level 16014 - so the price is much higher of course). Of course, the major movers in the Magnificent 7 will be releasing earnings but not for a week or so. Alphabet, Microsoft and Tesla kick if off on July 23rd. Nvidia won;t announce until August 15 nearly a month from now. Below is the tentative schedule.Alphabet, July 23Microsoft July 23Tesla July 23Amazon, July 25Meta Platforms, July 31Apple, August 1Nvidia, August 15This may be a quarter where these major players announce BEATS, but the focus will be more on the forward guidance. This article was written by Greg Michalowski at www.forexlive.com.
The NASDAQ index continues to get hit with the price now down 500 points or -2.72%. That is its largest decline since December 2022.
Looking at the hourly chart below, the price gap lower and immediately moved below its 100-hour moving average (blue line currently at 18194). The next key target area comes between 17820 and 17839. Those levels represent the 38.2% retracement of the move up from the May 31 low and the rising 200-hour moving average. The price has not traded below its 200-hour moving average since May 2 (at a level 16014 - so the price is much higher of course).
Of course, the major movers in the Magnificent 7 will be releasing earnings but not for a week or so. Alphabet, Microsoft and Tesla kick if off on July 23rd. Nvidia won;t announce until August 15 nearly a month from now.
Below is the tentative schedule.
- Alphabet, July 23
- Microsoft July 23
- Tesla July 23
- Amazon, July 25
- Meta Platforms, July 31
- Apple, August 1
- Nvidia, August 15
This may be a quarter where these major players announce BEATS, but the focus will be more on the forward guidance. This article was written by Greg Michalowski at www.forexlive.com.