Nasdaq was the biggest loser among the declining U.S. indices last week

NASDAQ

The Nasdaq index is trading above the support level of $21,230, and it is likely that we will target the resistance level of $21,600. This scenario becomes invalid if the aforementioned support level is broken to the downside.

The Nasdaq Composite Index witnessed a significant decline, dropping by 295.70 points, or 1.48%. This decrease comes amid global financial market volatility, as U.S. stock indices were impacted by rising bond yields and growing concerns about future economic policies.

Despite this decline, the Nasdaq Composite Index has still achieved an annual increase of 32.59%, reflecting the strong performance of the technology sector and the companies listed in the index throughout the year.

From a technical perspective, the index is facing a support level at $21,230. If this level is breached, it may move towards lower support levels. On the other hand, in the case of a rebound, it could face resistance at the $21,600 levels.

Overall, investors are advised to monitor economic and political developments affecting financial markets, along with the performance of major technology companies that form a significant part of the Nasdaq Composite Index.

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