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The Nasdaq index tips away from highs. Down but not out.


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Watching 8115 above and 8050 and 8031 below. Here is why…

The Nasdaq index is the worst performer today. It is currently down -62 points or -0.77% at 8098.  The low was down at 8050.55. The high reached 8124.60.

Looking at the hourly chart below, the index fell below a trend line at 8115 currently.  The low extended to 8050.55 which was close to the swing high from April 17th. Those two levels are the borderlines that will help to define whether the top is in place for now, or the price action today is just a reaction to the Alphabet earnings. 
So watch those levels. If the high is in, getting below 8050 and then the 100 hour MA currently at 8031.169 (and moving higher) will be eyed.  If it is a blip, we will know from a break back above the broken trend line (or that would be the start).
PS Apple releases after the close which may be a barometer as well going forward.

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