Was That The Top? Analyzing Tech's 2026 Correction

Financial Research, Money Management • Nov 3, 2026 at 1:40 PM EST

The Nasdaq 100 has returned to correction territory as the S&P 500 broke its tightest range since 2017 to the downside.

The Nasdaq Is Back in Correction

With a 10%+ drop from its recent highs, the Nasdaq 100 (QQQ) is back in correction territory. Interestingly, the Nasdaq has now been in a correction more often than it has been in a rally over the last year.

Nasdaq 100 time spent in correction versus rallying over the last year

The S&P 500 Breaks Its Tight Range

Prior to yesterday, the S&P 500 (SPY) had traded in its tightest 3-month high/low range since late 2017. But by the end of the day, the index had broken its sideways range to the downside.

There are some interesting stats surrounding tight ranges and how the market typically does once they break.

S&P 500 breaking below its tight 3-month trading range

Was June the Peak of the AI Boom?

AI stocks have gotten obliterated over the last few months, and the key question now is whether or not June was indeed the peak of the AI Boom.

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