Nasdaq closes in correction territory: down 3.2% to 24,796, after dipping to -5.1% intraday
U.S. stocks have closed, and this time it’s official: the Nasdaq fell 3.2% to 24,796.06, exactly 10% below its record closing high of 27,599.89 on October 6, officially entering correction territory based on closing prices. That’s the second time this year. Note that in my 00:38 post, I said it had “entered correction territory at -5.1% intraday”—that was based on intraday prices. Now the closing price confirms it too; this is the one that counts.
One more detail worth mentioning: the Nasdaq was down as much as 5.1% intraday, but closed down just 3.2%, recovering about 2 percentage points in the final stretch. The S&P 500 fell about 3.3%, with all 11 sectors in the red, wiping out about $1.8 trillion in market value in a single day. The Nasdaq 100 fell about 6.3%; the Philadelphia Semiconductor Index dropped more than 10%; and the VIX briefly surged 48%, its biggest one-day gain since April.
The catalysts haven’t changed: after the midterm elections, Democrats took control of both chambers of Congress. The market is worried that data center construction could be constrained and that AI’s huge spending may not pay off. Add to that rising bets on a rate hike in December, and the AI trade was sold off again for a second straight day.
For $BTC : the 01:00, 02:00, and 03:00 hourly closes were 75,952, 76,090, and 76,368, all below 77,620, so the “invalidated” call in the 00:38 post remains in effect. But the three-month low of 75,568 held, and we didn’t make a new low. The current price is around 76,130, down about 5.1% over 24 hours; $ETH is around 2,249, down about 7% over 24 hours.
My take: correction territory is confirmed, but the late-day recovery of 2 percentage points and BTC holding above its previous low suggest the worst of the selling pressure has passed. That doesn’t mean the market has found a floor. Bounces and further retests are both common in correction territory, so don’t rush to buy the dip or chase shorts. Two things to watch tonight: the full figures for Thursday’s ETF flows (not out yet; waiting for the morning update) and Friday’s October nonfarm payrolls report at 21:30.
Risk warning: When U.S. stocks and crypto sell off in tandem, short-term volatility can be extreme. Don’t let your position size get out of hand.
Do you think this is the AI bubble losing some of its froth, or simply portfolio repositioning after the election? Share your thoughts in the comments.
#BTC #ETH #比特币 #纳斯达克 #USStocks
U.S. stocks have closed, and this time it’s official: the Nasdaq fell 3.2% to 24,796.06, exactly 10% below its record closing high of 27,599.89 on October 6, officially entering correction territory based on closing prices. That’s the second time this year. Note that in my 00:38 post, I said it had “entered correction territory at -5.1% intraday”—that was based on intraday prices. Now the closing price confirms it too; this is the one that counts.
One more detail worth mentioning: the Nasdaq was down as much as 5.1% intraday, but closed down just 3.2%, recovering about 2 percentage points in the final stretch. The S&P 500 fell about 3.3%, with all 11 sectors in the red, wiping out about $1.8 trillion in market value in a single day. The Nasdaq 100 fell about 6.3%; the Philadelphia Semiconductor Index dropped more than 10%; and the VIX briefly surged 48%, its biggest one-day gain since April.
The catalysts haven’t changed: after the midterm elections, Democrats took control of both chambers of Congress. The market is worried that data center construction could be constrained and that AI’s huge spending may not pay off. Add to that rising bets on a rate hike in December, and the AI trade was sold off again for a second straight day.
For $BTC : the 01:00, 02:00, and 03:00 hourly closes were 75,952, 76,090, and 76,368, all below 77,620, so the “invalidated” call in the 00:38 post remains in effect. But the three-month low of 75,568 held, and we didn’t make a new low. The current price is around 76,130, down about 5.1% over 24 hours; $ETH is around 2,249, down about 7% over 24 hours.
My take: correction territory is confirmed, but the late-day recovery of 2 percentage points and BTC holding above its previous low suggest the worst of the selling pressure has passed. That doesn’t mean the market has found a floor. Bounces and further retests are both common in correction territory, so don’t rush to buy the dip or chase shorts. Two things to watch tonight: the full figures for Thursday’s ETF flows (not out yet; waiting for the morning update) and Friday’s October nonfarm payrolls report at 21:30.
Risk warning: When U.S. stocks and crypto sell off in tandem, short-term volatility can be extreme. Don’t let your position size get out of hand.
Do you think this is the AI bubble losing some of its froth, or simply portfolio repositioning after the election? Share your thoughts in the comments.
#BTC #ETH #比特币 #纳斯达克 #USStocks
