NAS100: 29,510 lower high and rejection from POCUS Tech 100 IndexPEPPERSTONE:NAS100ThecantillonreportNasdaq bottomed at 27,180 on 31 July and added 11% in thirteen sessions. It has spent the two weeks since going sideways. This morning it lost the anchor from that low. Where structure sits: Value area 28,690 to 30,110. POC at 29,460. Anchored VWAP at 29,312. PDH 29,500, PDL 29,225. Price 29,168.5, 0.49% below the anchor. Two levels do all the work here. The first is the POC at 29,460, with the prior day high at 29,500 sitting directly on top of it. That is the price this market has agreed on most across the quarter. Since the 19 August reversal, price has crossed it in both directions repeatedly without accepting on either side. A 1,420 point value area is not a market with a view. It is a market waiting. The second is the anchored VWAP at 29,312, taken from the 31 July capitulation low. That is the cost basis of every buyer in this rally. It rose for a month, and price closed above it in every session from 1 August onward. Today's candle went through it and kept going. Now notice what that does to the map. The anchor at 29,312 and the prior-day low at 29,225 are both above price. In one session, the floor of this balance became the ceiling. Highs since the 18 August top: 30,240, 29,800, 29,710, 29,600. Each rally has stopped lower. The lows held around 28,930 the whole time. Supply has been stepping down into a flat floor for two weeks. This morning the floor moved. What I am watching: A 4H close back above 29,312 puts this inside the balance again and makes today a shakeout, nothing more. Balance areas manufacture false breaks. That is most of what they do. Above 29,500 the whole two week range is live again. Failure to reclaim it puts 28,930 in play as the last low of the balance. Under that, value low at 28,690 is the final structural level before the profile thins toward the 28,400 to 28,520 pocket. That gap is where price moves fastest, because almost nobody transacted there. The dashboard flipped bearish this morning for one reason: price is below the anchor. Every other thing on this chart is unchanged from yesterday. That is how much one level can matter. Above 29,312 this is still a range. Below it, it is a trend attempt. Chart: Institutional Volume Map, free on TradingView.