Since the beginning of the year the US technological index gained more than 15.5% however last week dropped more than 2.5% and made a phase change, shifting from a bullish to a warning phase. Last week the index fell with a wide range and closed near the low of the week, in addition managed to close below the previous week low, which suggests a strong bearish momentum. The 10 week moving average is now above the index price switching the role of a dynamic support to a dynamic resistance. The stochastic crossed below the overbought zone and is showing a bearish momentum although is still above the 50 mid line. Expecting an upward move to a Fibonacci extension at 5,744.00 on a bounce from the upper trend line at 5,521.38 (scenario 1) however a break below the upward trend line at 5,521.38 may trigger another bearish run down to 5,290.71 (scenario 2).