Nasdaq fell 1.8%, its worst day fall since Brexit. Big names tech stocks Apple, Amazon, Alphabet and Nexflix fell more than 3%. It may be too early to say the tech stocks bubble has burst but this blog believe that the current tech stocks rally looks very much like 1999. Goldman Sachs warning about potential unconsidered risk in the tech space contributed to the fall but that is not the real reason. An abrupt fall on Nasdaq on a very high volume is a early warning of a systematic meltdown is imminent. Nasdaq closed at 6207, the short term upside is capped at 6280, the next support is at 6100, a break below 6100 will send the index into a bearish zone. This blog has identified 5920 as a key support level.
All posts and charts are for educational and illustration purposes only
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