Nasdaq Composite Reclaims 24,425 After 5th November Close Below It

At A Glance

• Asset: Nasdaq Composite Index (NASDAQ:IXIC), TradingView feed NASDAQ:IXIC.
• Observed: 7th November 2026, 07:18 UTC, with markets closed. The latest daily bar is the completed 6th November session and the latest weekly bar is the completed week of 2nd November.
• Timeframes: daily and weekly.
• Data: TradingView charts and saved candle history, retrieved 7th November. Averages and levels are Bored Node's calculations from those candles.
• Trend, in one line: a pullback from the 6th October high (intraday 27,722.75, closing 27,599.79), with price below its 20, 50 and 200 session averages.

The Chart Read

The Composite's 52-week high is 27,722.75, set intraday on 6th October, with a closing high of 27,599.79 that day. Bored Node's calculation finds lower swing highs since then, at 26,778.90 on 21st October and 26,587.34 on 28th October. A swing high here is a daily high above the three bars either side of it.

The fall accelerated in the first week of November. The index closed at 25,736.51 on 4th November, then at 24,315.00 on 5th November, a drop of 5.52%. It recovered 1.09% on 6th November to close at 24,579.42. The 5th November low of 24,262.14 is the lowest daily low in the saved history since 23rd April.

On the same daily closes, the 20 session average is 26,075.25 and the 50 session average is 26,457.82, so the close is 5.7% and 7.1% below them. The 200 session average is 25,098.28, 2.1% above the close. The 5th and 6th November closes were the only two of the last 30 sessions below it.

On the weekly chart the latest bar, the week of 2nd November, ranged from 24,262.14 to 26,048.83 and closed at 24,579.42, down 3.37% on the previous week's close of 25,437.00. That is the fourth weekly close in a row below the one before it, counting from 27,366 for the week of 5th October. The weekly close sits 0.63% above the 24,425.34 low set in the week of 27th July.

Bored Node's earlier report on the 5th November decline covered the size of that session's losses, and its report on the 30th October moves in stocks, metals and oil covers an earlier stretch of the pullback.

Key Levels

Support, from the saved history:

• 24,491.83, a daily swing low from 30th April.
• 24,425.34, a daily swing low from 29th July and the weekly swing low from the week of 27th July.
• 24,262.14, the 5th November low, as a reference rather than a swing level.

Resistance:

• 25,098.28, the 200 session average, as a reference.
• 26,587.34, the daily swing high of 28th October.
• 26,778.90, the daily swing high of 21st October.
• 26,875.52, the weekly swing high from the week of 10th August.

On a closing basis, 5th November finished below both 24,491.83 and 24,425.34. The next session closed back above them. That makes 24,425.34 a level the index has already lost once on a closing basis and then regained.

Bull Case

A daily close above 25,098.28 would put the Composite back above its 200 session average, 2.1% above the 6th November close, and would end the run of two closes below it.

Beyond that, 26,075.25, the 20 session average, and 26,587.34 are the next references. A daily close above 26,587.34, with a weekly close above it as well, would mean the index had recovered its 28th October swing high and would weaken the bearish reading.

Bear Case

If the Composite closes below 24,425.34 on a daily basis, it would repeat the 5th November break of the 29th July swing low and would put the 24,262.14 low back in play.

A weekly close below 24,425.34 would also break the weekly swing low and extend the run of lower weekly closes to five. Failure to reclaim 25,098.28 would keep the index below all three averages.

Invalidation

The constructive case is invalidated by a daily close below 24,425.34, the lowest listed swing support, which the index also closed below on 5th November. The bearish case is weakened by a daily close above 26,587.34 followed by weekly confirmation. Between those levels the view stays unresolved.

What Would Change The View

US consumer price data for October are scheduled for 10th November at 13:30 UTC, according to the Bureau of Labor Statistics schedule. Bored Node's report on the US October jobs data notes the same CPI date. The Treasury's tentative auction schedule shows a 10-year note auction on 10th November and a 30-year bond auction on 12th November, with no times or sizes stated.

For the tech sector, Cisco (NASDAQ: CSCO) has scheduled its first quarter fiscal 2027 results call for Thursday 12th November at 21:30 UTC, with results released after the market close. The 13th November session would be the first regular session after the release.

The Federal Reserve's November calendar lists Governor Barr speaking on artificial intelligence and inequality on 12th November; the page gives a time but no time zone. The producer prices release for October follows on 13th November at 13:30 UTC, per the same BLS schedule.

This is Bored Node's dated technical assessment of the charts as captured, not a guaranteed forecast.