Technical Analysis: NASDAQ 100 (QQQ) On Support But In Danger

The NASDAQ 100 has fallen 11% in just the last six weeks. Fear is creeping in as the VIX spiked to 30. However, there may be some hope for for the bulls. The NASDAQ 100 (QQQ) hit technical support $447. This is a minor support level but might be enough to coax some buyers in (buy-the-dippers).

To add to this potential for a near-term bounce, many semiconductor stocks hit major support. Micron, Broadcom, Qualcomm and Arm Holdings all tagged major support after dropping 40%. They are due for a bounce and often help the NASDAQ 100 bounce.

There is a warning though. This is just minor technical support. With the economy weakening quickly and earnings growth likely to slow, it is possible there is another major breakdown in the NASDAQ 100 within days or weeks. The next major support would be $420.