Tech Stocks Have the Most to Give UpFirst, there's the tech-heavy Nasdaq Composite, which through March 16 was down 9.7% from Jan. 26. The Nasdaq climbed farthest and fastest in 2003, up 49.1% for the year, and it now has the farthest to fall to find solid footing. In its decline so far, the Nasdaq fell through major technical support at 2000, 1980 and 1970. But the charts show a distinct possibility that this correction won't stop until it hits either of these two levels:
- The bottom of the October-December trading range at 1880. That's a strong level of support because the 200-day moving average sits nearby at 1876.
The even more important technical level at 1809. This would represent a 38% retracement for the March 2003-January 2004 rally.