@MagNinetyLol, the Nasdaq is in a solid short term downtrend,...

@MagNinety

Lol, the Nasdaq is in a solid short term downtrend, just like it was in September.

The September sell off was caused by massive profit taking, options contract close out and market jitters, due to how heavy those valuations were.

This time around the sell off is being cause by jitters due to bond yields and inflation expectations.

So yes, it's still in a down trend in the short term. Now when the Fed speaks on Thursday night (Friday morning market for us) I think this will have a massive outcome on the market and will either punch it down lower and break the trend and begin the next push up. If he speaks well then $10.50 may be it, but patience is key.

https://www.barrons.com/articles/what-fixed-income-investors-should-watch-this-week-jobs-report-powell-speech-and-more-51614608313

"The Fed chairman will speak about the U.S. economy at a virtual Wall Street Journal event. Traders will be watching to see if he addresses the rise in Treasury yields, and specifically the more recent increase in inflation-adjusted yields. The speech is set to begin at 12:05 p.m"