Nasdaq 100 Set To Bounce After Snapping Longest Streak Above 50-day MA In 22 Years

By Tomi KilgoreMarketsMarketWatch Pulse

Nasdaq 100 e-mini futures rose 0.28% in premarket trade Wednesday, bouncing slightly following what some chart watchers would consider a breakdown of the short-term uptrend. The Nasdaq 100 closed Tuesday below its 50-day moving average, which many see as a dividing line between shorter-term uptrends and downtrends, for the first time since Dec. 6. That snapped a 138-session streak above the 50-day MA, the longest such streak since the 166-session stretch ending Sept. 26, 1995. A 0.23% rise in the Nasdaq 100 would put it around 5,687.50, which is still below its 50-day MA, which extends to 5,693.02. The Nasdaq 100 has lost 3.6% sinceit last closed at a record high on June 8. The S&P 500 has slipped 1.4% since its last record on June 19.

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