Post #15355

the pAIn trade The Nasdaq saw a sharp selloff yesterday, breaking below the key 24,000 level. Buyers are stepping in at this discounted zone, but this area is a major support level that many traders respect. Tech continues to struggle as concerns rise over stretched valuations and fading confidence in near-term Fed rate cuts. Even strong earnings from giants like Nvidia couldn’t lift sentiment — investors are increasingly skeptical about whether the AI boom can keep delivering. At the same time, macro uncertainty remains elevated. With the long-delayed September jobs report offering little clarity — the Fed is heading into December with less data than usual. Rate-cut odds now show a chance of a 75.1% chance of a Fed ease in December. If buyers can defend 24,000, we could see a short-term rebound as dip-hunters step in. But if support gives out, the Nasdaq may unwind further as uncertainty around rate policy, tech valuations, and delayed economic data continues to weigh on sentiment. - Alan