Is the Nasdaq preparing to correct?
The Nasdaq 100 index seems to be taking a breather around the 7,000 level, and is testing the 200-day simple moving average. Is the post-January 4 rally showing signs of old age?
Head of FX Strategy, Saxo Bank Group
Summary: The S&P 500's breach of its 200-day moving average means that we should all take notice, simply because the US market is the single largest market and always the basic proxy for risk appetite.
Note the 40-week (200-day equivalent on the weekly chart) going back even further and the degree to which this level often is in focus: