Since the NASDAQ has the biggest bubble, when it gets further slammed, it will affect the biggest amount of traders/investors, and that will further weigh down the other indices.
We know that there’s a HUGE change that the NASDAQ goes back to its 200-week moving average (and likely much lower). But just going back to that 7800 level on the weekly chart, causes it to be WELL BELOW its 200-day moving average on its daily chart and would be producing “lower highs and lower lows” by that point.
On the daily chart, the 10,500ish area is the first place pros will be watching because it was former near-term support AND because if it goes notably below that, it’s producing the “lower lows” to go along with its already “lower highs”. Once it pushes below 10,500, then the next part that will be watched is its 200-day moving average. Once that’s notably punched below, it will likely intensify the next wave of selling as a lot of automated professional trading programs are likely programmed to exit well below the 200-day moving average. By that point too, you’ll see retail trader panic-selling and retail trader margin call (forced) sales by the margin clerks at brokerage firms (for those who were trading on margin and using leverage).