LIVE MARKETS-Nasdaq Composite technical damage intensifies

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NASDAQ COMPOSITE TECHNICAL DAMAGE INTENSIFIES

After failing to join the Dow .DJI and S&P 500 .SPX in fresh record-high territory in late 2025, and again in early 2026, the Nasdaq Composite .IXIC declined 1.5% on Wednesday to finish at 22,904.58. With this, the tech-laden index ended down 4.4% from its 23,958.47 October 29 record close and down 4.6% from its 24,019.99 October 29 record intraday high, as well as below what has been a key technical level.

So far in 2026, the IXIC is down about 1.5%. This compares to a DJI gain of about 4% and an S&P 500 rise of just over 0.5%.

It's now been 66 trading days since the Composite's last record close, and amid recent risk-off action, weakness has been centered in big-cap tech .SPLRCT and Mag 7 names MAGS.K, especially impacting the Nasdaq.

Tech, with a 5.2% loss, is the worst-performing S&P 500 sector so far this year (Financials .SPSY, down 1.7%, is the only other negative sector this year; Energy .SPNY, up more than 18%, is the leading gainer). MAGS is down 2.8% year-to-date.

Meanwhile, with Wednesday's loss, the Nasdaq Composite finished below its 100-day moving average (DMA) for the first time since May 9, 2025.

Now, in the wake of Alphabet's GOOGL.O quarterly report, which has the stock off about 4% in premarket trading on Thursday, e-mini Nasdaq 100 futures NQcv1 are down around 0.9%, suggesting the Composite is poised for downside follow-through at the open.

The next support is at its December 17 low at 22,692 followed by the 21,898-21,803 area. This zone includes the November 21 low, at 21,898.29, the 23.6% Fibonacci retracement of the April 2025-October 2025 advance at 21,840.31, and the August 13 high, at 21,803.75.

The rising 200-DMA ended Wednesday at about 21,570, and there is a weekly Gann line, which is now around 21,085.

A decline to the 21,900-21,100 area would put the Nasdaq down around 8.5%-12% from its record close.

On strength, the Composite would need to reclaim its rising 100- and 50- DMAs, which ended Wednesday in the 23,130-23,385 area, to refocus on its highs.

(Terence Gabriel)

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