Taking a lead from the semiconductor index, the Nasdaq reversed early strength, undercutting the 20-day MA in the process.
It was the same story for the Nasdaq 100.
Today's action better sets up shorts for a push to 50-day MAs. Stops on yesterday's high give the trade room, but another push lower would allow stops to go on a close above the 20-day MA. More aggressive traders could work off the latter stop placement.
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Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com.
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