Chart of the Day - Friday, July 16th, 2021
July 16, 2021
Today’s Chart of the Day was shared on Twitter by Joe Fahmy (@jfahmy). It's a daily chart of the Nasdaq Composite over the past 15-months. The Nasdaq fell for the fourth consecutive day in today's session, closing below its 21-day exponential moving average (green) for the first time in nearly two months. Despite the four-day losing streak, the Nasdaq is currently only 2% off of a record high. The 21-day exponential moving average has done a good job of defining the short-term trend in recent months. So, today's break warrants some near-term caution. However, Joe adds that potential support lies less than 2% below current prices, around 14,100 - 14,200.
