The NASDAQ index is trading down around -221 points or -1.7% at 12744. That has taken the index below its 100 hour moving average at 12754.76.
Back on July 26, the price briefly dipped below the 100 hour moving average only to gap higher the next day. The break intraday today, gives sellers the opportunity to increase their bearish bias with more momentum.
Sellers are making a play. Can they keep the momentum going?