The NASDAQ 100 index has been moving in two parallel exponetial trendlines - we are now approaching the top band, however it looks til a Head shoulder formation is building up as the index struggles to break the 200day average. If this serves as a resistance I would expect 6500 to be the first short target. If this support fails there is a potential for a much deeper correction - down to 5000. Furthermore, the momentum has been making lower highs and the price has not corrected accordingly.
Is the technology momentum finally starting to wear off?