Tech Stocks Teeter: Is This the Bottom?
1min read I'll hold off on calling any bottom here, but it was evident after yesterday's 3% drawdown $QQQ and 2% on $SPY that there was going to be some type of bounce and we got that today. Right after morning bell, it felt like tech names $AMD hit 136, $NVDA hit 106 target buy, $META $MSFT names all of sudden lost their major supports and it was really rapid sell. We told our members on livestream this felt like capitulation on tech. Well, $NVDA bounced from $106 to 116, AMZN 176 to 182, $QQQ 455 (100DMA) to 467 and $SPY 537 (didn't gap fill) back to 547 mark on the highs of the day. $ARM bounced 139 to 152! $QQQ capitulated during the morning? Nice move and volume off the 100D. Notice here RSI is nearly oversold. $NVDA nice pickup and buy at 106 this morning, essentially a move off May 2024 lows. We also mentioned yesterday, the drawdown has been very similar roughly 7/8% from highs in April prior to MAG 7 earnings season and after the earnings, everything recovered off the 100DMA and went on a run in to June and July. Unfortunate market ended up closing flat on the day even with strong moves. Bottoming process is difficult and alot of false moves. If this is even the bottom. We'll know more next week. I'm not saying we bottomed out but certainly it's looking similar to April. Now, we wait for PCE tomorrow. Next week, will be very busy. FOMC, NFP Week, $AMZN $AAPL $AMD $META $MSFT reports. Onwards and upwards! For more daily insights, visit us at therocktradingco.com or follow our X: x.com/the_rocktrading
