[VIDEO] NASDAQ 100 hardest hit in the wake of the stock selloff
Joe Perry March 6, 2021 5:10 AM
The index put in a high of 13,900.5 on February 16th, posting a false breakout above the wedge.
Stocks indices have gotten hit hard, particularly over the last week, as a rise in inflation expectations led to a rise in yields, which has caused stocks to move lower.
The tech heavy NASDAQ 100 has been one of the hardest hit, not only because of the rise in yields but also because of the rotation trade, out of the “stay at home stocks” and into the “go outside” stocks.
The index put in a high of 13,900.5 on February 16th, posting a false breakout above the wedge. On Thursday price broke lower and is roughly 12% off its February 16th highs, retracing 50% of its move from the September 21st lows to the February 16th highs. This puts the index in bear market territory .
Yields, inflation expectations, and now jobs data (after todays strong NFP) will all be in play next week to try and get any clues as to where the NASDAQ may be headed next.
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