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It took the Nasdaq 100 almost 10 years to “recoup half of the declines” that took place between 2000 and 2002! As the NDX 100 was hitting its 50% retracement level, it was also hitting the top of its 10-year trading range.
The NDX 100 has declined around 8% since hitting this key level at the end of the first quarter. It has made a series of lower highs and not been able to break above a couple of resistance lines.
Should the NDX 100 break below rising support line (3), its performance could become quite cold and impact other key markets….keep a close eye on this pattern and how the NDX 100 performs in the upcoming few weeks!