NAS100 slides toward 28965 as downtrend breaks sixth level

NAS100 is grinding through fresh lows in a downtrend that has now claimed six distinct support levels over the past week, and the tape is offering little reason to fade it.

The index is off 1.38% on the session and has surrendered more than 4% across the week, with the day's range stretching from 29588.75 down to 28860.35. There is no high-impact catalyst on the tape today, which makes the continued offer more notable — this is positioning and momentum, not a single-event flush.

The structural read is unambiguous for a trend-following desk. Price trades well below EMA20 at 29606.67, EMA50 at 29776.42 and EMA200 at 29714.25, with the entire moving average stack sitting overhead as supply. Trend is aligned lower on the 1H and 4H frames with the daily reading mixed, confirming this is a trend in motion rather than exhaustion. RSI has drifted toward the lower end of its range without yet reaching oversold extremes, suggesting momentum retains room to extend. Volatility is elevated, consistent with a directional move rather than a consolidation chop.

We look to sell rallies into the 29208–29321 resistance band, where prior support flips to supply. Immediate support at 29033 is the near-term pivot; a close beneath it targets 28965 and then 28829. A 4H close back above 29321 forces a stand-down.