Nasdaq 100 slides below 18,500

Well, so much for the higher opening for the Nasdaq 100 earlier this afternoon. The push back above 18,900 looks some way off now, as the index dropped towards 18,500 as this update is written. The risk of this happening is not exactly a surprise, as the longevity of the earlier move higher was questioned earlier on. The Nasdaq 100 has now fallen closer to its 200 day moving average. That is in place today at 18,130 and of course that is still some way south of the prevailing price action, but the index has now gotten closer to it. Ahead of that resides a support level, at 18,391 and that price point represents a 61.8% correction of the move higher, from the August 5 low at 17,435, to the most recent high, at 19,938. The Nasdaq 100 has now busted below 18,500, currently trading at 18,485