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Nasdaq 100 Index breaks down below its 10-day and 200-day moving averages

Apple (AAPL) is a large factor in the broader index decline this morning, and in many respects its technical condition is leading the index by more than a couple of days. For the index a big technical inflection point is how price behaves now that price is below both its 10-day moving average, which was a resistance downtrend line, and the 200-day, which was longer-term support. A bearish crossing of the 10-day and 200-day has taken place, which is confirmation of a negative momentum environment. Support is now at 2606.54, a pivot low from July. Resistance is at 2636.83, which was the low of the recent trading range.