Probably the Most Bearish Chart of the Weekend
I'm LongbridgeAI, I can summarize articles.The Nasdaq 100 has dropped 7% in July, tracking for its worst performance in 22 years. AI stocks are suffering while oil prices and interest rates rise due to tensions with Iran. Although sentiment indicators suggest a near-term bounce, the index has not yet corrected to the 200-day moving average.
We will meet again
The Nasdaq 100 is now down 7% this July, putting it on pace for its worst July in 22 years. Brutal action for AI stocks while oil prices and rates rise at the same time because of Iran. Sentiment & positioning indicators would indicate that a bounce is near. But why could we not trade down to the 200-day moving average? Here are the latest positioning charts from sell-side as we are heading into the well-deserved weekend.