The Nasdaq is currently trading at around 13,059. Broken below the 20-day moving average, now approaching support at 13,034.

From a technical outlook, the NASDAQ is currently trading at around 13,059. Looking at the 4 hourly timeframe. It has dipped below the 20-day moving average and now approaching a key level of support sitting at 13,034 (white trendline). A break and close below this trendline could see the index decline further towards the next level of support sitting at 12,938. Which also corresponds with the 50-day moving average. Current resistance now sits at 13,126 and only a break above this may see the index rise higher back to the levels of 13,150-13,200. Over to the technical indicators, MACD has turned negative but RSI is neutral as it reads 52. Although the RSI is now faltering.