The NASDAQ 100 Nears Important Support Levels US NDAQ 100 - CashCMCMARKETS:NDAQ100cmcmarketsThe volatility in the oil markets has finally caught up with the equity markets, and the NASDAQ 100 now finds itself at a critical support level, just below 24,000. If that support level is breached, it would also confirm a double top pattern, indicating the index may have further to fall. The region around 24,000 has been an important area for the NASDAQ since August. After initially serving as resistance, it became support on multiple occasions through September, October, and November. The index closed at that level on Friday and, at least through early trading on 23 March, is being tested again. A 100% extension of the double top pattern would suggest that the NASDAQ 100 has room to fall to around 21,800, an area on the chart not seen since June. It would also push the index below the February 2025 highs. If support does hold, the path higher remains, but the question is how far the index can rise. At present, the index is trading below the 200-day moving average, which is likely to act as a resistance level should it move higher. Additionally, the 50-day moving average has turned lower and is also expected to serve as resistance if the NASDAQ rises. Should the 50-day moving average fall below the 200-day moving average, it would create a death cross, a bearish indication for the future direction. However, if the index manages to hold support around 24,000, rise above both the 200- and 50-day moving averages, and break above a previous consolidation area around 25,000, the road back to 26,000 will be wide open. It just will not be easy at this moment in time. Written by Michael J. Kramer, founder of Mott Capital Management. Disclaimer: CMC Markets is an execution-only service provider. The material (whether or not it states any opinions) is for general information purposes only and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction, or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although we are not specifically prevented from dealing before providing this material, we do not seek to take advantage of the material prior to its dissemination.