What's Next for Tech ?This is just a quick weekend analysis to help understand what's going on on the chart and prepare for what may come next.
So many tech investors got caught by a fast and vicious correction (slightly exceeding -14% from recent top) - Traders should have got out of the market earlier once the prior low / support was broken, but maybe it's not too late.
there's a very interesting confluence area where many MA's (20, 50, 100) converge with the trend line of previous bottoms. so we expect a possible market reaction around that area - if it acts as resistance and we bounce off of it - so that's a new "Lower High" (that's our next chance to get out, or get some hedging in place), we then look at where the market puts the next low - we're between repeating the pattern from Aug/Sep 2024 - or a continuation down for a confirmed bear cycle.
one assumption here is that we actually bounce up off the current closing from last week - on positive geopolitical news -that may not happen and this view becomes obsolete.
Note: these are just thoughts and the analysis i will use to drive my trading in the next few weeks. Please do your own research - if you agree or disagree, i'd love to hear / read your thoughts.