NDX Levels

While the DOW and S&P500 have now found some monthly support, the RUT and NDX still have a ways to fall before retesting 2002 support levels.

NDX Monthly Chart:



Of the four major sectors that make up the NDX, it's the relative strength of the Biotech Sector that seems to be keeping the NDX afloat. Here's a rundown of the sectors.

Semicondutor Index:
The semiconductor index is trading at all time lows and this has dragged on the Nasdaq.





Internet Sector:
The interet sector has fallen, but could fall much further to reach 2002 lows. A weak economy could continue to hurt this sector.



Software Sector:
The software sector has also fallen and could also fall further to reach 2002 lows.



Biotech:
The biotech sector has some relative strength here, but if weakness should continue in this sector it could be the last bit of momentum needed for the NDX to retest the 2002 lows.