Nasdaq now down -504 points or -2.78%

The NASDAQ index is now down -520 points or -2.94% at 17081.20. The low price just reached 17075.97.

There is a swing area between 16996.39 and 17057.34. That area is home to different swing highs and lows going back to June.

Move below that area and traders will next target the 50% midpoint of the move up from the May low to the July high. That level comes in at 16946.92..

For your guide, a 10% decline from the all-time high reached in July comes in near 16800.

This article was written by Greg Michalowski at www.forexlive.com.