After a strong start to 2024, U.S. tech stocks faced sharp selling pressure last week. The NASDAQ index fell over 3%, dragging major tech names with it. This marks one of the steepest pullbacks in the last quarter.
Technically, NASDAQ is now hovering around its 100-day moving average, a critical support zone. RSI and MACD indicators are showing oversold conditions, and a bounce from this level could trigger a short-term recovery.
However, if the index closes below 15,100, the next key support lies near the 14,700 level. Earnings season and Fed policy expectations are also contributing to increased volatility.
Traders should look for confirmation from volume and candlestick patterns before taking new positions. A break above 15,450 could renew bullish sentiment, while sustained weakness may extend the correction further.