The $NDX showing a slight pull back today, mirroring the $SPX action. Current level around 30278.82. I'm keeping an eye on the 50-day moving average as a potential support level. A breach could signal a deeper correction. What are your immediate support and resistance levels for the Nasdaq 100?
My immediate support is closer to 30,100, then 29,800. Resistance around 30,450.
Agree on the 50-day MA being critical. I'm watching 30,000 as a psychological support too, below that it could get messy.
I think a deeper correction is already baked in for some, but your 50-day MA point is valid. What's your next resistance if it bounces from there?
The current pullback feels more like profit-taking than a structural shift. I'm looking for a quick rebound unless we see heavy volume on the downside.
Are you seeing any particular sectors within the NDX showing more weakness? That could give us a clue for the broader index's direction.