NASDAQ initially dived sharply to as low as 14530.22 overnight, but staged a strong rebound to close up 0.05% at 14942.82. Technically, we’re seeing NASDAQ as in correction to the move from 10822.57 to 16212.22. It’s envisaged as a range pattern that could last for a while.
Nevertheless, 14100/14200 zone should provide enough support to floor any decline attempt. We’re talking about a cluster of support levels there, including 14175.11 resistance turned support, 14181.69 support, and 38.2% retracement of 10822.57 to 16212.22 at 14153.37.
However, it should be noted that a firm break of 14181.69 structural level, which is unlikely, would indicate that NASDAQ could be in a larger scale correction.
