Crowdstrike pushed an update overnight that crashed Microsoft products and subsequently many companies. I’m still having some issues with my tech. Crowdstrike shares are down -10.60% at $306.40. At least the stock is down from its low of $290.10.
Meanwhile, major indices moved to new lows on the current hourly time frame.
- The Dow Jones Industrial Average hit a low of 40216.32 and is currently trading at 40261.40, down -0.90%.
- The S&P 500 hit a low of 5507.56. It is currently trading at 5508.99 or -35.80 points or -0.65%.
- The Nasdaq fell -128.89 points, or -0.72%, to 17,740 points, and reached a low of 17,717.97 points.
On Wednesday, I identified the 200-hour moving average of the Nasdaq as a key target, which is the green line on the chart below. The price has now moved below the moving average.
In the video posted yesterday, after the price moved below the 200-hour moving average, I also commented:
Going forward, staying below the 200-hour moving average keeps sellers in control and makes them target other levels including the low from July 1 at 17657.64, the low from June 24 and June 11 at 17494, and the 38.2% retracement of the move up from the April 19 low. This level comes in at 17358.70.
Here is the video commentary:
Sellers are making more of a play on the Nasdaq. Traditionally, buying on dips has been a trend, but now it will take a move above the 200-hour moving average to change the bias. Absent that, the support levels mentioned above (especially the 38.2% retracement level) will be targets that could stop the decline.
be cerfull.