US stocks began to weaken, with the broader S&P and NASDAQ down by about -0.45%. The Dow Jones Industrial Average fell by -0.35%.
As for the Nasdaq, it has retraced its August 22 high. Yesterday, the price moved above this level at 18014.24, but closed at 18013.98. Today’s price action has managed to break it, and traders will now look to the gap between 17826 and 17909 as the next downside target (yellow area on the hourly chart below) which must be broken to increase sellers’ confidence.
On the upside, a return above the 18014.24 level is needed to remove some of the daily downtrend from today’s price action.
Despite the declines, the major indices remained higher for the week, with the Nasdaq up 1.44%, the S&P 500 up 1.24%, and the Dow Jones Industrial Average up 1.45%.
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