NASDAQ is now pressing key support level at 14175.11 after yesterday’s -2.41% decline, and it’s now at a technical juncture. Strong rebound from current level, followed by break of 55 day EMA (now at 14778.46) will maintain medium term bullishness. In this case, a break of 15403.43 record high is more likely before having a larger scale correction.
However, sustained break of 14175.11 will suggest that NASDAQ is already in correction to whole up trend from 6631.42. In this case, deeper fall would be seen to 55 week EMA (now at 134174.13), or even further to 38.2% retracement of 6631.42 to 15403.43 at 12052.52 before completing the correction. If happens, bearish sentiment would likely persist throughout Q4.