The last hourââ,¬â"¢s plunge in the Nasdaq indices really started accelerating on a break below 1500 (36.60 in the Q's), which as we can see from the enclosed chart has triggered a plunge towards a test of the prior pullback low at 1484 (36.23). So far, that level has contained further damage.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.