Nasdaq 100 futures take another hit

Yesterday it was once again the tech sector that was the outlier and that meant the Nasdaq 100 stood out as the worst performing major US stock index. The Nasdaq 100 closed 1.62% lower, where it was a 0.51% loss for the S+P 500 and just 0.20% for the Dow Jones.

We noted the rotation out of tech again yesterday afternoon and it was evident right from the start of live trading. So, the Nasdaq 100 ended the day 476 points lower, at 29,025. The low seen earlier in the day was set at 28,881 and only a late session rebound kept the close above 25k. 

Well, given the moves seen in Asia overnight, the Nasdaq 100 futures are pricing opening well below the low point seen yesterday. The index has been called to open as low as 29,585 not so long ago. At this point we remind readers of the slide that took place in June and how that delivered a low in the Nasdaq at 28,196. If that low were to get taken out from here, then we suggest it will extend further on the downside. The Nasdaq 100 is currently pricing the opening around 28,610