A Tech Correction? Mapping Out Levels To Watch

Tech stocks have been on a massive run for about a year now. They have bounced with speed off the March lows from last year's crash. It has been nothing short of remarkable. The shift from online and COVID-19 was sweeping and overnight. To some degree, it was probably great we did not that now rather than later. An overnight technology shift like that just may benefit everyone over the long term.

However, at the moment it looks like the Nasdaq-100 is pulling back a bit. So on this chart I've quickly mapped out some previous corrections over the last year. I am sharing my research openly just to hear what others think. One level I do find interesting is $313. That seems to be the last mini pullback low. Will it act as support? I may have to set an alert right there so I don't miss it. I've marked it for now with a yellow rectangle.

Markets, do move fast. Information was processed, and most tech stocks took off before many had a chance to realize what was going on. The Nasdaq-100 is the chart you see here. It is a collection of about 80 of the largest tech companies including some other non-tech companies to add diversification. It's a barometer for tech in today's market.

Also mapped out on this chart are previous corrections. One thing to keep in mind is that a 10% correction happens once per year, on average. Of course, yes, that is an average. But it's an important stat because 10% corrections are not out of the ordinary at all.