Nasdaq finds a floor, now comes the hard part
QQQ•The Nasdaq Composite fell 11.9% from its October 6 record close before stabilizing, with support near 24,206 appearing to hold. It ended Tuesday at 25,065.87, while Nasdaq 100 futures were up nearly 2% ahead of Wednesday's open.
1. Support held near 24,206
The Nasdaq Composite fell into correction territory last Thursday, ending 11.9% below its October 6 record close, before stabilizing. The November 5 low of 24,262.14 was just below a support line from the April 2025 low but above the 50% retracement of the March-October rally at 24,206; that area appeared to provide a floor. The index's 14-day relative strength index ended that day at 30.06, near the traditional oversold threshold.
2. Key levels ahead
The Composite ended Tuesday at 25,065.87, down 9.2% from its record close and near its 200-day moving average at about 25,114. Nasdaq 100 futures were up nearly 2% ahead of Wednesday's open. Resistance is clustered near 26,050, followed by the 100-day and 50-day moving averages near 26,182 and 26,405. A break below 24,206 would expose support around 24,000, with the 61.8% retracement near 23,377 as another level to watch.
