Chart of the Day - Thursday, August 10, 2023

Today’s Chart of the Day was shared by Larry Thompson (@HostileCharts). Larry points out that the Nasdaq 100 ($NDX) is testing a confluence of potential support, around 15,000. This level represents the March 2022 highs and the 50-day moving average. Yesterday marked the first close below the 50-day since January, but the bulls fought back today and reclaimed it. If 15,000 fails, the next major support level is about -9% lower, at the August highs (13,700). On the other hand, if the Nasdaq holds above 15,000, the next test will be the all-time highs, around 16,500.