The Nasdaq was the leader on the way down today (as it generally is). Technically speaking, it looks weak as all hell and has room to run.
We broke back into the old bearish channel (purple) on Monday. Today we rejected the recently broken bullish channel (cyan/ light blue) and highs of the purple channel, as well as the 50 (blue) and 100 (yellow) day VWAP. We also closed significantly under the 50% line from Japan March lows to May 2 high on decent volume.
The current purple channel is my cap to the upside now until proven wrong on a closing basis.
2280 is first support (fib) with 2256.25 (2007 high) being very strong support.
However, I see these eventually cracking and Nasdaq getting to the midpoint of the purple channel sooner rather than later.
(Note: I bought SOXS (3x bear semiconductors ETF) when the Nasdaq popped into that resistance cluster. I normally book those trades same day for a minimal profit. However, I am holding this one for a few days or another good push down.)