The Nasdaq 100 slumps as fewer US jobless claims reinforces the tightening agenda. Previously, a tentative break below 10900 weakened the bulls’ position. A failure to achieve a new high above 11650 shows that the path of least resistance would be down. A sharp drop below the said support has definitely knocked out the buy side. A rebound is likely to be capped by 11060. 10450 would be the last level to salvage the situation. A bearish breakout could trigger a new round of sell-off and effectively resume the bear market.
