Nasdaq Composite Still Firmly Digging A Trench In Crash Territory

This clean weekly chart for $COMPQ (the Nasdaq Composite) shows the pain in tech is not over, but just on turbo drive. What we’ve been seeing all year are tech names taking turns at 52-Week Lows while digging a defensive looking trench at the base between two horizontals. I highlighted this area to show this new Maginot Line which we may travel sideways through for months to come:

Recent high was 16,212.23 in NOV 2021
Yesterday’s close was 11,014.89.

Using the online percentage calculator we learn the Nasdaq is still off -32.06% for the year.

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$COMPQ Nasdaq Composite Daily Chart: Notice Monday we had a bullish crossover of the 20 and 50 EMAs, and then yesterday, that crossover faded into a bearish crossover again:

And here’s the $COMPQ Nasdaq Composite Chart: