Nasdaq 100 opens lower and trades below 16,600

As expected, the US stock markets opened the New Year in the red a short while ago. The Nasdaq 100 officially resumed live trade at 16,667. The index had closed out 2023 at 16,825 on Friday. The initial moves have been to the downside as well and a short while ago the index dropped below 16,600. The move lower comes amid a firmer dollar and higher US treasury bond yields. That coupled with a deteriorating risk dynamic has weighed on the Nasdaq 100. The index has just now hit a session low at 16,559. It is currently trading at 16,562. The opening has also created a gap on the daily charts too, from 16,667 to 16,825. As to whether that gets filled remains uncertain at this early stage in the session. The nearest technical support is now at 16,457.,which is the current price point of the 21 day moving average.