The Nasdaq index is buying and selling to a brand new session low of 13125.30.00. That’s getting nearer to the January twenty fourth intraday swing low at 13094.65 (and low for 2022).
A transfer beneath that degree have merchants concentrating on the Might 2021 swing low of 13002.54. The present worth is down round 19% from its all-time intraday excessive reached on November 22.
Wanting on the worth motion throughout the correction because the begin of the pandemic in 2020, the most important correction got here from the February 2020 excessive to the March 19 low. That correction took the worth of the NASDAQ index down -32.04%. Different corrections on the best way larger had been way more modest with the biggest from excessive to low lower than 13%. That’s till the present transfer decrease.
The place would the market worth have too go for the NASDAQ index if it had the same decline to the beginning of the pandemic (i.e. -32%)?
The worth would wish to go all the best way right down to 11,006 space to equate to a 32% decline from the November excessive. With the present worth at 13140, that also 2134 factors. Ouch.
