The Nasdaq Composite Index on Wednesday was on the verge of joining its peer equity benchmarks below a important long-term trend line. The Nasdaq COMP, +1.04% is set to test its 200-day moving average at 6,753.54 for the first time since July 7, 2016, according to FactSet data. The Nasdaq-100 futures MQM8 representing the Nasdaq's largest capitalization tech names was set to decline nearly 2% amid fresh jitters about a potential trade war between the U.S. and China. The Nasdaq was about 2.7% shy of its 200-day MA, as of the close of trade on Tuesday. Market technicians tend to follow moving averages as a gauge of bullish and bearish momentum in an asset, with a breach of those levels suggesting a change in conditions. The Dow Jones Industrial Average DJIA, +1.65% which dipped below its 200-day earlier on Monday on an intraday basis and the S&P 500 index SPX, +1.26% which closed below to start the week, both set to fall sharply on Wednesday, as Wall Street used the threat of fresh tariffs from China in response to U.S. duties to send assets perceived as risky tumbling.
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