Sharp tech-led sell-off: Nikkei 225, FTSE 100, NASDAQ 100 and S&P 500 in free fall
Sharp tech-led sell-off led to a 4% drop in the Nikkei 225, 3% fall in the NASDAQ 100, 2% drop in the S&P 500 and 1% slip in the FTSE 100.
![Indices](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/news-article-image-folder/Adobe_indices_07-11-2024.jpeg/jcr:content/renditions/original-size.webp)
Nikkei 225 drops by over 4%
The Nikkei 225 took its cue from US stock indices which had their worst bout of volatility since last month’s sharp decline and dropped by over 4% to a 2-week low.
The 9 August low at 35,935 represents the next downside target while the late August lows at 37,817-to-37,895 resistance.
The fact that the 200-day simple moving average (SMA) at 38,493 has been slipped through indicates that further downside is likely to be seen.
![Nikkei 225 chart](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/platform-article-images/04092024NIKKEI-Daily.png/jcr:content/renditions/original-size.webp)
FTSE 100 takes a hit, drops to 2-week low
On Tuesday the FTSE 100 suddenly slipped through its August-to-September uptrend line and tumbled to its 55-day SMA at 8,239 as US traders returned from their prolonged Labor day weekend.
The May-to-early July lows at 8,138-to-8,106 represent the next downside targets ahead of the 25 July low at 8,056.
Minor resistance sits at the 20 August low at 8,240. Further minor resistance can be spotted at the 27 August 8,314 low.
![FTSE 100 charts](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/platform-article-images/04092024UKX-Daily.png/jcr:content/renditions/original-size.webp)
S&P 500 drops on tech sell-off
The S&P 500 has swiftly come off its 5,655 record high as disappointing US manufacturing data and a tech-led sell-off pushed the index down by over 2% to the 55-day SMA at 5,510.
Potential downside targets are the 25 and 29 July lows at 5,396 to 5,392 ahead of the 5,343 May peak.
Resistance can be spotted at the 28 August low at 5,545 and the 22 August low at 5,562.
![S&P 500 chart](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/platform-article-images/04092024SPTRD-Daily.png/jcr:content/renditions/original-size.webp)
NASDAQ 100 drops
NASDAQ 100 shares such as NVIDIA slid by around 12% since Tuesday (including after-hours trading), shedding more than $250 billion in market capitalisation, following a Bloomberg report that the US Department of Justice had sent the company a subpoena, deepening its antitrust probe.
The index so far dropped by over 3% to a 2-week low at 18,777 with the late July trough at 18,584 being next in line . If fallen through, the May low at 18,188 would come to the fore.
Minor resistance can now be seen at last week’s 19,081 low.
![NSAQDAQ 100 chart](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/platform-article-images/04092024NASDAQ-Daily.png/jcr:content/renditions/original-size.webp)
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