The Nasdaq Composite Index is experiencing continued downside pressure, moving further away from its 200-day moving average (MA) at 18,404. The index is now approaching the 38.2% Fibonacci retracement level of the rally from the November 2024 low, which comes in around 17,284. This level will be a key technical test for buyers looking to defend support.
At today's low, the index fell 3.52%, nearing the largest daily declines of 2024, which ranged between -3.26% and -3.64%. Will the declines start to slow? So far, there is not a lot of bounce.
If selling pressure persists and the 38.2% retracement level fails to hold, it opens the door for increased selling momentum. The next major downside target would be the 50% retracement at 16,382. The last time the index traded at that level was back in August 2024
For an upside recovery, the Nasdaq index must ultimately reclaim the 200-day moving average (MA) at 18,404 to shift momentum back in favor of buyers. However, a nearer-term resistance zone lies between 17,832.70 and 18,086.83 (highlighted in yellow on the 4-hour chart). This area has acted as both support and resistance since July 2024, making it a key hurdle for buyers. A breakout above this range would provide some bullish confidence, though further gains would still be needed to challenge the 200-day MA. Until then, sellers remain in control, with downside risks persisting.
The Nasdaq is now down -13.3% from the December high.
This article was written by Greg Michalowski at www.forexlive.com.Hence then, the article about nasdaq decline today rivals the big moves lower in 2024 was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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