Nasdaq Composite

The Nasdaq composite was the weakest US index in the last week. The S&P or Dow have not been damaged to the same extend. I have already mentioned that the 20wma has often held out for most panics and we are testing that levels again albeit after several negative divergences. We are also at the lower end of the multi month rising chennel that has supported the tech index which is at 4123. Breaking this channel would call for a bigger and deeper US market correction in the 10-20% range from the high made in March. The next few days are important on this count.