Nasdaq Teetering On Important Fibonacci Price Support!

Technology has become a durable and leading sector or the global economy and stock markets.

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

Today, we turn to Joe Friday for, “The Facts, Ma’am. Just the facts.”

The chart below looks at the Nasdaq Composite on a long-term “monthly” timeframe with key Fibonacci levels.

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 a considerable amount. The next Fibonacci support level is the 161% level near 7,000!

In my humble opinion, tech stocks are at an important crossroads. Stay tuned!!

Nasdaq Composite “monthly” Chart

nasdaq composite historical fibonacci price support levels important chart image

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Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.

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