Nasdaq breakdown follows that of S&P
The Nasdaq finally gave in to the selling experienced by the S&P with a break through support defined by the July and August swing lows. It came with a 'sell' trigger in On-Balance-Volume and an acceleration in the relative loss to the Russell 2000. The next support level is the 200-day MA - a moving average which last saw a test in early 2020 when Covid first hit the headlines. It's hard to see buyers stepping in until we reach this moving average as there isn't a whole lot of alternative support to work with.