Since the beginning of the year the index fell more than 12.5% and last week plunged more than 5.5%.
The NASDAQ 100 is in a bearish phase since the beginning of February after the death cross in addition continues to close below the 10 and 50-week moving averages.
Last week the index initially tried to rise but found enough selling pressure to erase all its gains and close near the low of the week, in addition managed to close below previous week low, suggesting a strong bearish momentum.
The Stochastic is showing a lack of momentum although is still below the 50 mid line.
Expecting a downward move to 2015 low at 3,899.75 (scenario 1) or even to a weekly support at 3,740.00 (scenario 2) on a break below the previous week low at 4,000.75.