On a day when the Nasdaq and the Dow tumbled along with the U.S. dollar and Treasuries, is this major market about to crash?
Tech tock…Tech tock…
June 27 (King World News) – From top Citi analyst Tom Fitzpatrick: The technical picture on the NDX (Nasdaq 100) is looking increasingly precarious in the short term. This continues to suggest a double digit percentage move down from the highs looks likely.
A break below these supports would suggest the potential for high to low losses in the region of 9% to 12%….
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A similar dynamic exists on the NASDAQ composite.
1987 Stock Market Crash vs NDX Today
This overlay would yet again suggest levels down towards and possibly below 5,000 could be seen in the weeks ahead.
…Which saw a move lower of approximately 10% over a period of about 5 weeks in the NDX.
The Bottom Line
We believe a danger remains of a double digit percentage correction lower in the NDX.
The recent rise in yields globally along with the notable global shift in monetary policy language, action, may well turn out to be the spark that “lights the fire.” However, these charts clearly suggest that this move was ready to happen and these monetary shifts just became “icing on the cake” to get them going.
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