The rout takes a bit of a breather ahead of North American trading today
Tech shares were the ones hit the hardest yesterday, with the Nasdaq falling by over 4% but following a brief scare in early European trading today, the mood has been much calmer and we are seeing some pullback in the equities space.
Nasdaq futures are up by ~1.7% while S&P 500 futures are up by ~0.7% as we look towards North American trading, hinting at some pause to the plunge.
That said, risk sentiment remains in a fragile state with the Nasdaq looking at key technical levels to try and work out how the bias is shifting amid the rout.
The market is still very much trying to sort out whether this is a healthy correction in stocks after the rally to all-time highs or if this is a bit of a reality check that could see the selloff turn even uglier over the next few sessions.
That remains the key question and while it is going to be tough to pick a side, the technical levels highlighted in the post above will do well to try and help us figure things out.