- U.S. equity index futures off lows, now modestly red
- Euro STOXX 600 index slides ~1.2%
- Dollar, gold, crude, bitcoin gain
- U.S. 10-Year Treasury yield falls to ~1.79%
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NASDAQ COMPOSITE: BULLS AND BEARS BATTLE IT OUT (0900 EST/1400 GMT)
The Nasdaq Composite's (.IXIC) daily chart reflects the ongoing battle between bulls and bears, and it appears the tech-laden index is nearing another important juncture:
Amid the recent panic, at one point last week the IXIC had collapsed more than 22% from its November 22 record intraday high. read more
That said, there are now some positive signs for bulls. With last Thursday's panic opening, the Composite hit 12,587.882, nearly tagging the 38.2% Fibonacci retracement of the entire March 2020/November 2021 advance at 12,552.36.
This support level can act as a staging ground for a rally, and like the S&P 500 index (.SPX), with a subsequent snap back, the Composite, by Friday's close, also managed to form a weekly hammer candle, suggesting the potential for an important low. read more
Additionally, daily momentum is exhibiting a constructive pattern. After falling to its most oversold level since October 2018 in late January, the daily RSI converged into the IXIC's low last week. A similar pattern ultimately accompanied the Nasdaq's December 2018, and March 2020, bottoms.
Against this, since diverging into the Composite's November peak, the RSI has been unable to muster enough strength to reclaim the 70.00 overbought threshold, which is considered to be bearish action.
Also of note, the descending 30-day moving average (30-DMA) has been reinforcing a bearish trend since the Composite broke below it in early January. IXIC probes toward this shorter-term moving average have led to a resumption of weakness followed by lower lows. The 30-DMA ended Monday at about 12,935 and is falling around 25 points per day.
Thus, as for the IXIC's next significant move, traders will be eyeing IXIC price action and momentum closely in order to help ascertain whether it's the bulls or the bears who clearly gain the upper hand.
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