As company earnings decline and forward guidance becomes pessimistic, Nasdaq 100 has room to go back to 9000-8700. Big tech companies have already started reducing their workforce, and more layoffs may come next year. The 200ma offered support after the first leg down, but now it looks like it might give way. RSI and stochastic are bearish.
Now is a good time to let go of any grip your mind has on the "big tech" stocks of the past ten years and start your list of up and coming tech stocks for the next 10-15 years.
This post is not to create a scare. I am not shouting for a crash. As a 40+ adult who understands much more than the last five yrs of stock market rising - and the Covid QE slingshot - I am offering practical insight into what is possible.
is there a level that nasdaq will re test in the near future before continuing its decent?
OptionsRising
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@getrich1988, Currently I think this rangebound pattern of the past week+ will give way to another selloff. QQQ can easily move to 250. Lower levels can be identified but I cannot say how far this leg down will go before a sizeable rise.