Nasdaq 100 has now fallen below the 50-day moving average on the daily timeframe, Short-term bias has now shifted towards bearish. However, CPI data is out tomorrow...

Taking a look at the Nasdaq as the tech index has now fallen below the 50-day moving average on the daily timeframe, suggesting further falls may be on the cards. Currently trading at around 15,189, there is minor support from yesterday’s low at 15,146. A move below could see a slide towards the upper white trendline, which reads 14,920 and is also the next important level of support. A break below 14,920 would force us to then look at 14,688 (lower white trendline). There is no incentive to look towards the upside for the time being as the bias for the short-term has now turned bearish. However, the longer-term outlook remains bullish. Looking at the technical indicators, MACD is strongly negative and the RSI has now turned negative as it reads 41. 

Note: investors/traders should be cautious when entering positions as the US CPI data is due tomorrow. The outlook is fairly mixed and therefore placing positions before such events can be of high risk.