Nasdaq100 Update: Another Leg Down Likely After Recent Reversal?

For quite some time, I have been highlighting the possibility of a strong correction in the Nasdaq 100 ( USTEC ), with the 17,500 level remaining a realistic downside target.

In my more recent analyses, I argued that while a reversal from the 19,100 support zone was likely, it was merely a dead cat bounce, and the index could decline further from the 20,300-20,500 resistance zone. The lower boundary of this range was tested, and as expected, the index has started to fall again.

Although a temporary rally above 20,000 cannot be ruled out, my overall outlook remains unchanged—I still anticipate another leg down.

In conclusion, selling into rallies continues to be my preferred strategy, with 17,500 as the medium-term target.

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