NASDAQ Sends Warning Sign As Chart Breaks Support

The NASDAQ Composite Index broke key technical support at 18,400. This is a warning sign to investors that a near-term correction may be at hand.

The NASDAQ has rallied 22% in 2024 and is up 16% just since the August 5th low. This break of support was an up-trend that connects the lows from August 5th, September 10th and October 23rd. It represents a break in trend and is came just days ahead of the election and the Federal Reserve rate decision.

Downside support on the NASDAQ is 17,500.

In summary, a bearish bias has taken over on the NASDAQ in the near-term as an uptrend has been broken.

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