Nasdaq 100 Index falls toward test of recent range lows, levels to watch

theflyonthewall.com

Weakness in Apple shares is having a large impact on the index, given the very heavy weighting the stock holds. Currently the stock is a 19.1% weight. It is no surprise therefore that where Apple goes, the index will tend to follow. Just as Apple has an active bearish head and shoulders top pattern now active, the Nasdaq 100 is following very closely and is near to seeing a similar pattern trigger. A big test of whether that pattern will become active or not is how the index behaves around the neckline of that pattern. That neckline would be broken below 2744.29, a prior pivot low for the index. Resistance is at 2769.19.

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