A Little Lower… And It Gets A Lot Worse

This is how it started last year

NASDAQ remains trapped in the multi-month range. We saw a similar setup last year: the pullback intensified once the 21-day crossed below the 100-day, and the real damage began after a break of the 200-day.

For now, price is still range-bound, but the 21/100-day bearish cross is now in place. The key level to watch is the 200-day moving average.