Volatile trading in the first 20 minutes of trading
The NASDAQ index is rocking and rolling and the 1st 20 minutes of trading. The price of the index initially open lower, then moved sharply higher, trading up 73 points at its high point. The price has since moved sharply lower and traded as low as -159 points. The pair currently trades down -126 points in very volatile trading.
Looking at the hourly chart below, the price rise in early trading took the price back above its 100 hour moving average at 11493.21. However that break was short-lived and the price has subsequently moved below its 38.2% retracement at 11364.781. The next target comes in at the 200 hour moving average at 11169.829. That is also near the 50% retracement of the move up from the August 24 low at 11145.689. Those levels will be key on a test for the intermediate-term bias. The price last close below its 200 hour moving average all the way back on April 6th (there were a couple dips below on an hourly bar only to reverse quickly higher). KEY, KEY level.
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