The tech index retreats as investors continue to rotate out of growth-sensitive stocks. A dead cat bounce to 13800 has met stiff selling pressure, turning the former support into a resistance.
The nosedive below the temporary support level at 13400 is an indication that the short side has gained the upper hand.
12880 is a critical support from the daily chart as a bearish breakout could initiate a reversal in the medium term.
On the upside, the index may see a limited rebound while the RSI recovers into the neutrality area.
