I know that a stock price (like any price on a free market) is determined by supply and demand: If there is more demand than supply for a certain stock its price will raise and vice versa.
However, my question is who really moves the price? Is there some mechanism that lowers price if there is no buy order in a certain amount of time?
This answer to a similar question states that
There are now an overwhelming number of sell orders (limit and market). All of the bids (buy orders) near current price are taken out. If no new buyers come in at current price, price shifts down to buy orders on the order book at lower prices. At the same time, sellers with limit orders lower the price of their sell orders. This process continues (matching of orders and share price drop) until equilibrium is reached between aggregate selling and buying volume at which time price levels off.
My understanding is that the order book is basically a list of prices someone would accept to buy/sell for. But doesn't this only happen if someone really fills an order at a lower/higher price (a limit order?).
If I go to a broker's website, check the price and think a certain stock is too expensive and I will not buy, does this move prices at all (supposed everyone would do this and not fill limit orders)?
In an offline (consumer) market the situation is usually that a retailer does not get offers that differ from the price. He lowers it if noone is buying.
