Trigger Or No Trigger, That Is the Question

Two examples of the precarious position of tech stocks  going into today are NVDA and SMCI

Shown below.

NVDA reports quarterly results after today’s close.

If today’s weakness accelerates following the report, it could be a trigger opening the down door  for the overall market.

Prior to the close the SPX bounced precisely to the flagged 4977 level which is 90* down from high before turning down.

Consequently further downside indicates 4907 will be tested, which is 180 * down from high.

QQQ topped on Feb 12 at 429 for a time/price square-out.

This raises the specter of further downside.

Whether the market is embarking on a deep sustained decline or even the start of the crash that I expect this spring may be known within hours or days.

The waterfall decline in 1987 started after a 48% advance.

The recent all-time SPX high was  up 45% from the October 2022 lows

The last ditch runs in both advances were 22% in around 100 days.