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It’s an ugly one in stocks as a mid-morning attempt to find a bottom has clearly failed. The Nasdaq Composite is at a session low, down 2% and that leaves the index down 4.9% on the week, which is the worst one since late March.The trend isn’t exactly broken but it will need ot make a stand here.Notable laggards:TSLA -4.9%AVGO -4.9%MU -4.6%NVDA -4.1%GOOG -3.4%META -2.1%The big winner on the day is Expedia, up 17% as it raised its outlook on strong travel demand. I continue to believe that boomers and the wealthy traveling more is one best secular trades out there.Another notable loser today is Archer Aviation, which was something of a meme stock. It’s down 19% today and has been cut in half since Oct 16.
This article was written by Adam Button at investinglive.com.
💡 DMK Insight
The Nasdaq’s 2% drop today signals deeper market concerns, especially with a 4.9% weekly decline—its worst since March. This isn’t just a blip; it reflects broader investor anxiety, likely fueled by rising interest rates and inflation fears. Traders should be wary of the psychological impact of this downturn, as it may lead to further selling pressure. Key support levels around recent lows will be critical to watch; if they break, we could see a cascade effect across tech stocks and related sectors. Keep an eye on the S&P 500 as well, which often moves in tandem with the Nasdaq. A continued decline could trigger stop-loss orders and exacerbate volatility. On the flip side, this could present a buying opportunity for those looking to capitalize on oversold conditions. However, caution is warranted—monitor the daily charts for any signs of a reversal before jumping in. Watch for a potential bounce around key Fibonacci retracement levels, which could indicate a temporary bottom.
📮 Takeaway
Watch for key support levels in the Nasdaq; a break could lead to increased volatility and further declines, while a bounce might signal a buying opportunity.
