Nasdaq 100 Reclaims Key Retracement Level After 1,300-Point Recovery

The US Tech 100 index trades at 27,564.7, up 95.3 points, or 0.33%, after bouncing off the 26,231.4 low printed last week. The index has recovered roughly 1,300 points from that floor and cleared the 0.236 Fibonacci retracement at 27,443.3 along the way. The analysis comes from TradingView chartist gisabdib, who mapped the decline on October 26 and again on November 6 and now reports that the slide has found its floor.

How deep was the selloff?

The decline started from the 31,366.6 high in early October. From that peak, the index fell more than 5,100 points before buyers stepped in at 26,231. To put that in perspective, the index shed more than it has since recovered — twice over. The rebound now stands at roughly 1,300 points, according to the analyst's chart work on IG:NASDAQ, the US Tech 100 Cash contract.

Why does the reclaim of 0.236 matter?

The 0.236 Fibonacci retracement at 27,443.3 marked the first technical ceiling after the crash. Price has moved above it and held. That level now flips into the first support floor. Below it sits 26,231.4, the tested low that started the bounce. The analyst's read: "A 1,300-point recovery off a tested low with momentum back at the midline. That is a bounce with structure behind it."

What does the momentum picture show?

RSI at 50.41 is the development, per the analysis. The indicator sits above its signal line at 45.99 and has climbed back to its midpoint after two weeks pinned in the 30s. The analyst calls it "the first sustained momentum recovery since the breakdown began." Momentum has stopped bleeding. It has not yet turned bullish.

Is the medium-term trend repaired?

No. The structure above remains heavy. The 50 EMA sits at 29,407.2 and the 200 EMA at 29,297.9. Both sit nearly 1,800 points overhead, close together, and the faster average crossed below the slower one during the selloff. A descending trendline off the October high caps the chart from above. In the analyst's words, "Nothing about the medium-term picture has repaired."

What levels define the next move?

The analyst lays out a stacked ladder of resistance:

• 28,193.1 — the 0.382 retracement, the immediate test, roughly 600 points above the current price
• 28,799.0 — the 0.5 retracement
• 29,300–29,400 — the zone where both EMAs and the 0.618 retracement at 29,405.0 converge; the analyst calls this "where a bounce would have to prove itself"

Support holds at two marks:

• 27,443.3 — the 0.236 retracement, just reclaimed and now the first floor
• 26,231.4 — the low that held

What is the so-what?

The bounce has structure: a tested low, a reclaimed retracement level and momentum back at the midline. But the analyst's conclusion is measured. The retracement levels overhead are stacked, and the trend from October remains intact. "The 0.382 is the first real hurdle," the analysis states. Until the index clears 28,193.1, this remains a recovery inside a downtrend rather than a reversal of it.