[VIDEO] NASDAQ 100 hardest hit in the wake of the stock selloff

The index put in a high of 13,900.5 on February 16th, posting a false breakout above the wedge.

U Turn 1

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 .

Click here to see some these highly volatile tech stocks

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.

Learn more about index trading opportunities.


 

Build your confidence risk free
Join our live webinars for the latest analysis and trading ideas. Register now

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.