The Nasdaq is at a new session low, down 4.8% to the worst levels since September 2020.
Greg earlier highlighted the 200-week moving average and that line is so compelling on the chart. Otherwise, there's not much to see here until the pre-pandemic highs.
In the bigger picture, I'm a bit surprised at the strength of the decline today given that US 2-year yields are now down 12 basis points. I think people are really dialed into what happened after the previous FOMC decision.
Friday is also options expiration and Monday is a holiday in the US so I think the bulls are hesitant to wade in. The Bank of Japan later today could also be a hand-grenade.
