S&P 500 & Nasdaq 100 Enters Into Correction Territory ๐ฑ
37% gain taking calls on reversal within 90 mins on Wednesday. Didnโt catch the sell off thereafter. โ ๏ธ Trading tips: looking at QQQ calls above 348 and puts below 345.2 on Thursday. AMZN earnings after hours so best not to trade against the trend yet unless with momentum candles confirmation.
Correction territory below 349, time to short?
The tech-heavy index slid 2.4% in a punishing session that pulled it down more than 10% from its recent high. Its losses accelerated in the afternoon, sending the gauge to one of its worst one-day declines of the year. The last time it endured such a notably negative daily performance was in mid-December 2022 when it experienced a 3.3% dip.
A steep drop in shares of Alphabet, Amazon, Meta and other technology companies dragged the Nasdaq Composite into correction territory Wednesday.
- Alphabet Inc. (NASDAQ:GOOGL): down by 9.5% during the session, Alphabet alone dragged down QQQ by 0.34% today.
- Amazon.com, Inc. (NASDAQ:AMZN): down by 9.6%, Amazon shaved off 0.3% from QQQโs daily performance.
- Nvidia Corp. (NASDAQ:NVDA): down by 4.3%, Nvidia chipped away approximately 0.2% from Nasdaqโs daily performance.
- Meta Platforms Inc. (NASDAQ:META): down by 4.1%, Meta also contributed negatively, accounting for 0.2% of QQQโs daily decline.
Nasdaq 100: Key Levels To Watch Next
Plan the trade & trade the plan
The index is currently at its lowest point since June 8. Should this bearish trend persist into the next session, bears may target the psychologically significant level of 14,000, not far from the crucial support of the 200-day moving average.
Itโs worth noting the S&P 500 index, tracked by the SPDR S&P 500 ETF Trust (NYSE:SPY), has already broken below this threshold, suggesting broader market challenges.
Buy call 1
Buy call 2
Buy call 3
The big tech on Wednesday punctures a rally that had dominated for much of the year. Many investors have piled into a handful of big tech stocks in a wager that they will benefit from innovations tied to artificial intelligence andโจkeep flourishing. Now, some of that excitement is fading during a packed week for third-quarter earnings results and one of the worst bond routs in recent memory.
The yield on the 10-year Treasury note rose to 4.952% on Wednesday and breached 5% on Monday for the first time in 16 years. Yields rise as bond prices fall.
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Modify on 2023-10-26 17:02
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Ok hello bye bye hai hai