Hello traders everywhere. The NASDAQ has broken through a key technical support level at $7649.58 where the 50-day moving average stands trading -1.3% lower on the day. The fall lower comes on the heels of a lackluster Friday trade where we saw the NASDAQ fall -1.5% to close out the week. We'll have to watch and see if the index continues lower or if it will bounce off support and head higher having tested the 50-day MA twice in the last two months before bouncing off it and heading higher. Will the third time prove to be different?
The reason for the sharp sell-off can be directly attributed to the FAANG stocks as they continue to be put under selling pressure. The leader of the tech sell-off continues to be Facebook Inc (FB) as it sheds another -3.7% on the day continuing its historic three-day drop. Not to be outdone though Netflix Inc. (NFLX) is down -4.7%, Alphabet Inc. (GOOGL) -1.6%, Amazon.com Inc. (AMZN) -1.5% and Apple Inc. (AAPL) -.6%. Continue reading "NASDAQ Breaks Through Key Technical Support"