Nasdaq (QQQ) underperformance of ES was clear throughout the day as heavy selling that started with South Korea continued all the way into the opening bell. Relief rally failed, twice actually, forming a head and shoulders on a 15-minute chart that I pointed out to clients in its progression, and called for its neckline break before that happened.
This lower time frame must be put into the context of daily reversal and breach of several bullish markers associated with an almost straight-up rally continuation. Is the market duly fearful of MU earnings, and what that would mean for hyperscalers, capex, and the whole AI trade?
Comments
Log in or sign up to join the conversation.