 The global financial markets are finding their footing following the turmoil triggered by yesterday’s tech-driven selloff. European stocks have moved into positive territory, while US futures signal a flat start to trading. Nvidia, which lost a staggering -17% on Monday—erasing nearly USD 600B in market capitalization—is poised for a partial rebound. Meanwhile, investors appear to have shrugged off US durable goods orders data, which showed a sharp contraction, as the weakness was primarily attributed to volatile transportation equipment orders rather than broader economic concerns. From a technical perspective, NASDAQ’s sharp decline appears to be merely a part of the ongoing consolidation from its record high of 20204.58. Volatility of this nature is not unusual during such phases. For now, more sideway trading is likely and deeper pull back might be seen. But downside should be contained by 38.2% retracement of 15708.53 to 20204.58 at 18787.09 to bring rebound, and then up trend resumption. ... |
