The Nasdaq 100 tumbles as investors brace for an aggressive move by the Fed next week. The recent rally came under pressure at the origin of a sell-off in late August (12850) which coincides with the 30-day moving average. The sharp liquidation suggests that the mood has swung back to the fragile side. A breach below the psychological level of 12000 shows that the path of least resistance is down. Then July’s lows near 11400 would be the bulls’ last stronghold. 12100 is the first resistance in case of a bounce.
