Nasdaq 100 faces renewed selling pressure below key moving averages
The recent weakness marks a shift from the bullish structure observed earlier in October
The Nasdaq 100 faces renewed selling pressure as it trades below essential moving averages. The index recently broke under its 23.6 per cent Fibonacci level near 29,035 and the 50-day and 100-day SMAs, signaling weakening momentum. To stabilize, the index must reclaim both moving averages, as a recovery above the first resistance zone of 29,600 to 29,800 would indicate renewed buying interest.
The next targets would be the 38.2 per cent Fibonacci extension near 30,175 and the 50 per cent extension near 31,096. On the downside, the immediate support is near 28,500, followed by the 200-day SMA at 28,000 and the July low of 27,200. Investors should monitor corporate earnings, interest rates, and market sentiment to gauge the depth of the correction.
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