The Nasdaq 100 Industrial Index is trading around 29,874, undergoing a technical correction after reaching a high of around the psychological level of 30,335 points during the European session.

The NQ is expected to find strong support around the 3/8 Murray level at 29,687. This area could trigger a technical rebound, allowing the index to resume its upward cycle until it reaches the 4/8 Murray level around 31,250.

Technically, the NASDAQ is overbought, as seen on the daily chart, and the Eagle indicator has reached extremely overbought levels. A strong technical correction is likely in the coming days, so the NASDAQ could reach the 200 EMA around 25,625.

In the event of a sharp break below 21,000 and below the uptrend channel formed since March 30, this could signal a trend reversal, allowing us to sell the Nasdaq 100 below 29,700 with targets at 29,178, 28,125, and finally 25,625.

As long as the Nasdaq index remains below the psychological level of 30,000 points, it will be seen as a signal to sell in the coming days.