Looking at a short term 60 day 60 minute intraday chart the Nasdaq has been forming a broadening ascending wedge patter with higher highs and lower lows. Fridays session was very bearish as it clobbered Thursdays possible rebound candle stick and ended up closing below the open of thursday implicating a continued bear move into Monday. Judging by this short term chart i think its very possible that we could see the Nasdaq continue to slide towards the lower boundary of the broadening wedge pattern here around 2545.

Taking a step back and looking at the Nasdaq all the way back into 2003 we’ve seen it trading in a very bullish ascending channel pattern which recently had bullish breakout to the upside of the top resistance line of the channel. The question now is will this breach of the channel hold? Its hard to say, the markets been bullish, but how long can this bull run last? I think sooner or later we will see a correction in the markets and i think we need to keep our stops tight and take profits when we have them. Major support levels that we could expect the Nasdaq slide to:
2545
2500
2320-2375
Worst case scenario the Nasdaq slides all the way down to meet the ascending support of this channel around 2140
