* Market fails above 100-day moving average
* Harvest pressure seen weighing on market
NEW YORK Oct 30 (Reuters) - U.S. cotton futures closed down more than 2 percent on Tuesday, as the market was unable to hold above the benchmark contract's 100-day moving average and dealers started to sell.
The most-actively traded December cotton contract on ICE Futures U.S. finished down 1.69 cents, or 2.3 percent, at 70.92 cents per lb.
The contract inched above its 100-day moving average at 72.91 cents but then dropped after failing to garner upward momentum.
The market fell easily as many dealers remained away from their desks after Hurricane Sandy roared over New York City and New Jersey on Monday, with fierce winds and heavy rain, causing some evacuations, flooding, shutting down transportation and interrupting the presidential campaign.
Fears of a supply squeeze were no longer impacting the market, which had been moving sideways for the past few sessions after short-covering had pushed prices close to 80 cents a lb earlier this month, their loftiest level since mid-June.
"We've got tons of cotton in the world. Harvest is starting to get into high gear. Usually harvest pressure from all the supplies in the U.S.," said Shawn Hackett, of Hackett Financial Advisors in Florida