Nasdaq futures is close to the upward sloping support line dating back to Nov 2020. We are not there yet, but I suspect a little bounce off this level. Sentiment seems to becoming more negative by the day, and if support on this trendline does not hold, another 5% downside potential is on the table. I would be careful into being lured into exposing myself too much on the long side with the expected bounce. My expectation is that a very hot tech market could unwind a bit in coming weeks/months. Trend line support is key and something to keep an eye on.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.