Viewpoint from Zhihu @水又三人禾

From the daily K-line chart, the Nasdaq has already fallen below the 5-day, 10-day, 20-day,

60-day, and 120-day moving averages. The next support level is the 250-day moving average.

Among these, the Nasdaq's 120-day moving average was just breached in recent days.

Breaking below the 250-day or 200-day moving average is a sign that the Nasdaq is officially entering a bear market.

From the current price to breaking below the 200-day moving average (21,778 points), the Nasdaq only needs to fall about 4%.

According to the theory that a further 3% drop below the 200-day moving average triggers a bear market signal, in the most pessimistic scenario, we could see US tech stocks enter a bear market after the Spring Festival holiday.

Currently, the 120-day line hasn't been completely breached (less than 2% below), but Friday's CPI data was a big positive yet the rebound was weak, which is a bit frustrating. Hope it doesn't play out like this script 🙃🙃

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