Blood In The Streets: When The Market Bounces In 3,2,1 This Will Be The Narrative
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NASDAQ - more oversold than during the corona crash
NASDAQ is down to the HUGE 14k level. This is Hartnett's "must hold" level. We are well below the 200 day moving average and RSI is slightly lower than the levels we saw post the corona crash. Second chart shows the updated NASDAQ vs US 10 year yield (inverted) chart. The gap is now closed. Everything feels scary, but this is how it is supposed to feel when there is blood in the water. Liquidity is very poor, there are some post expiry deltas that people are trying to manage and short gamma dealers already wish the weekend was here. The market is basically broken, but the question is if we are not very close to peak panic? After all, the biggest buyer of stocks is allowed to start using the buy VWAP algo as of today (here)...
