Why is the Nasdaq 100 dropping sharply today?

US100 is down 2.23% on the day, a move equal to about 1.1 times its 14-day average true range. Overnight headlines from outlets including CNBC and The Guardian centered on AI spending concerns and a selloff in tech, but none of them speaks directly to today's decline, so no single confirmed catalyst is visible in the newsflow.

Which US economic data releases could affect the Nasdaq 100 today?

ADP Employment Change is due at 13:15 UTC, estimated at 69 after a previous reading of 90, followed by the S&P Global Composite PMI at 14:45 UTC. ISM Services PMI, along with its New Orders, Prices Paid and Employment sub-indexes, is due at 15:00 UTC.

What are the key technical support and resistance levels for US100 today?

The nearest support is S3 at 27608.2, just 43.1 points below the last price, with the next support zone at the round number of 27000. The nearest resistance is S2 at 27755, and the daily pivot at 28165.2 would need to be reclaimed before the bullish case toward R1 at 28428.6 comes back into view.

How large is today's move compared with normal volatility?

The day's range of 770.8 points equals about 134% of the 14-day average true range of 576.1 points, while the decline itself of 630.4 points, or 2.23%, is about 1.1 times that same ATR reading.

Why Is Nasdaq 100 Falling Today? US100 Drops 2.23%

Market mover Bearish bias Nov 4, 2026, 02:28 UTC

Oliver HayesMarket Risk Analyst · ForexR analyst

US100 is down 2.23% on the day and trading between the S3 and S2 pivots, with trend aligned bearish across timeframes and ADP, PMI and ISM Services data due before today's close.

Price27,651.3

Day change-2.23%

Day range27,605.2 - 28,376.0

ATR (14)576.1

Resistance	Level	Support	Level
R3	28,838.8	S1	28,018.4
R2	28,575.4	S2	27,755.0
R1	28,428.6	S3	27,608.2
Previous day high	28,312.1	Previous day low	27,901.9
20-day high	31,273.5	20-day low	27,901.9
Daily pivot 28,165.2. Data as of 2026-11-04 02:21 UTC; price from a live feed, levels computed from the previous completed daily bar.

Nasdaq 100 (US100) 1-hour chart with the daily pivot at 28,165.2, R1 28,428.6, R2 28,575.4, S1 28,018.4, S2 27,755.0 and the bullish and bearish scenario paths — Nasdaq 100 (US100), 1-hour candles with the daily pivot levels, the range between nearest support and resistance, and both scenario paths. Data as of 2026-11-04 02:21 UTC.

Tech Selloff Deepens in the Asia Session

Trading in the Asia session, Nasdaq 100 (US100) has dropped to 27651.3, down 630.4 points, or 2.23%, on the day against the previous close at 28281.7, a decline equal to about 1.1 times the 14-day average true range of 576.1 points. The index opened the day at 28314.4, touched a day high of 28376 and a day low of 27605.2, a day range of 770.8 points, which works out to about 134% of that same ATR reading. For background on how that volatility measure is built, see the ATR guide. The bid/ask is quoted at 27651.3/27653.8, a 2.5-point spread.

What's Being Reported

Overnight headlines centered on the AI trade: The Guardian reported that tech stocks were recovering from a selloff tied to investor concern over AI spending, and a separate CNBC piece noted that recent signs of life in tech were not coming from the usual mega-cap winners. A CNBC column from Santoli linked the prospects of the wider AI-driven rally to whether technology shares manage to stabilize. Invezz also flagged a 290-point drop in Dow futures among the factors investors were weighing before Wall Street's open, and FXEmpire pointed to falling oil prices and building midterm election risk as part of the same backdrop.

None of these reports addresses the scale of today's Asia-session decline directly, so the newsflow may be read as context around tech and AI sentiment rather than a confirmed trigger for the move.

Levels Now

US100 is positioned between the S3 pivot at 27608.2 and the S2 pivot at 27755, with the nearest support at S3, just 43.1 points below the last price, and the nearest resistance at S2, 103.7 points above. The daily pivot sits at 28165.2, with S1 at 28018.4 between the pivot and current price, and R1, R2 and R3 at 28428.6, 28575.4 and 28838.8 further above. For a breakdown of how these levels are calculated, see the pivot point calculator.

Yesterday's session, November 3, opened at 28071.1, climbed to a high of 28312.1 and fell to a low of 27901.9 before yesterday's close at 28281.7, a range of 410.2 points. The 5-day window runs from a high of 30020.9 down to a low of 27901.9, and the 20-day window spans a high of 31273.5 down to that same 27901.9 low; the last price at 27651.3 is now below both of those lows. The daily trend remains down, with price under the 200-day EMA at 28038.4 and well under the 20-day and 50-day EMAs at 29344.6 and 29592, while the four-hour and one-hour trends are also down and the daily RSI14 reads 35.

Positioning and Market Mood

The latest CFTC Commitments of Traders report, as of the week to October 27, shows large speculators net long Nasdaq 100 (US100), with 70.3% of positions held long against 29.7% short for a net 48839 contracts; speculators reduced net long Nasdaq 100 (US100) by 1887 contracts from the prior week.

News volume around the index is running at 144% of its 90-day average, and the opportunity read, a separate media-mood score, stands at -87, in bearish territory. US Treasury yields closed higher on November 3, with the 2-year yield at 4.61%, up 2 basis points, and the 10-year at 4.95%, up 4 basis points, leaving the 2s10s curve at 34 basis points.

Scenarios Ahead of Today's US Data

Several high-impact US releases are scheduled for today: ADP Employment Change at 13:15 UTC, estimated at 69 after a previous reading of 90; the S&P Global Composite PMI at 14:45 UTC, estimated at 57.6, matching the previous reading; and ISM Services PMI at 15:00 UTC, estimated at 54.8 against a previous 54.9, alongside the ISM Services New Orders Index (previous 59.8), Prices Paid Index (previous 74) and Employment Index (previous 50.1), all due at the same time. A primer on using releases like these alongside price is in the economic calendar guide.

On the upside, clearing R1 at 28428.6 would open a path toward R2 at 28575.4, though a slip back under the daily pivot at 28165.2 would undercut that case. A slide through S3 at 27608.2, in turn, would open the way toward the round number at 27000, while a recovery back above the daily pivot at 28165.2 would turn that bearish reading off.

Bottom Line

Daily, four-hour and one-hour trend all point the same way, price sits below the 200-day EMA and under both the 5-day and 20-day lows, so the near-term picture leans bearish. Today's decline is already running at about 1.1 times the 14-day ATR, a reminder that moves of this size can keep extending once today's ADP, PMI and ISM Services data cross the wires.

With US100 wedged between S3 at 27608.2 and S2 at 27755 heading into London's 07:00 UTC open, the day's next leg may turn on how those US releases compare with estimates. Given how much range has already been covered, position sizing and leverage carry extra weight when an index moves this fast in either direction.