NASDAQ Teetering On Important Fibonacci Price Support

2022.11.04 17:06

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Technology has become a durable and leading global economy and stock market sector.

And due to a concoction of mixed economic data, overheated , and rising , technology stocks have been caught in the cross-hairs of a bear market.

The chart below looks at the  on a long-term, monthly timeframe with key Fibonacci levels.

NASDAQ Composite Monthly Chart

As you can see, the NASDAQ rallied as high as the 423% Fibonacci extension level before reversing lower. That reversal has sent the NASDAQ sputtering down to an important/strong price support level at the 261% Fibonacci level (10,400).

If this key Fibonacci support level fails to hold, prices could fall considerably. The next Fibonacci support level is at the 161% level, near $7,000.

In my humble opinion, tech stocks are at a critical crossroads. Stay tuned.

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