The US equity markets were smashed last night, with the NASDAQ fairing the worst of the three major bourses, falling the most since 2011

The US equity markets were smashed last night, with the NASDAQ fairing the worst of the three major bourses, falling the most since 2011. The index just managed to avoid closing below the April 7 low of 3482; however the bears will now clearly be eyeing the February 5 low of 3418. 3418 is also key because if we see the index close below the February low, it will print a bearish reversal at the trend high and on the monthly chart this can be very powerful indeed. With the five-day moving average accelerating below the ten-day moving average it certainly suggests staying cautious here.