NASDAQ tumbled sharply by -598.34 pts or -4.96% overnight. While such decline was sharp and deep, there is no immediate threat the the up trend yet. NASDAQ is holding well inside the channel that started back in May. We’d continue to expect further rise as long as 11121.19 resistance turned support holds. Next target would be 161.8% projection of 6190.17 to 9838.37 from 6631.42 at 12534.20. Nevertheless, firm break of 11121.19 would indicate that a correction has likely started to correct the whole rise from 6631.42.
