Nasdaq 100 drops to its lowest level since January 2024

According to the chart of the Nasdaq 100 (US Tech 100 mini on FXOpen), the index opened this week around the 16,500 mark – a price level last seen in early 2024.

This suggests that the sharp sell-off in equities seen last Thursday and Friday may well continue today.

Stock indices respond to Trump’s tariffs

Treasury Secretary Scott Bessent said on NBC News’ Meet the Press that there is “no reason” to expect a recession.

However, equity charts reflect market sentiment described by CNN Business’s Fear & Greed Index as “extreme fear”. This wave of negativity followed President Trump’s announcement on 2 April of harsher-than-expected international trade tariffs. In response, China and other nations announced retaliatory measures.

As a result, the Nasdaq 100 (US Tech 100 mini on FXOpen) now trades roughly 25% below its 2025 peak – officially entering bear market territory.

Technical analysis of the Nasdaq 100 (US Tech 100 mini on FXOpen)

Back on 28 February, we drew an ascending trendline (line A). Bulls attempted a rebound from this support (as shown by the arrow), but their efforts were overwhelmed by the White House’s latest policy decisions.

Given the updated price action, we can now treat line A as the median of an ascending channel. From this perspective, the index is currently near the lower boundary of the channel.

Technically, this could indicate potential support. However, as long as the price remains below the bearish gap – which includes the key psychological level of 17,000 – talk of a meaningful recovery may be premature.

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