Trading at session lows
The gains in the major indices have been erased. The S&P is now down -16 points or -0.56% The Nasdaq moved to a low fo 7427.56. We currently trade at 7436, down -0.16%.
Looking at the hourly chart for the Nasdaq, the high today stalled right around the 100 hour MA (blue line currently at 7503.83). The high reached 7504.133. Staying below that MA is more bearish. A move above will be eyed for some bullish relief. Currently, the bears are in control.
The price high today, also stalled ahead of the 200 day MA. That MA comes in at 7518.29 today. That too is a barometer for the bulls and the bears. Stay below is more bearish.