The Nasdaq Is Crashing: This Is Getting Ugly
No more Teflon Tech
Nasdaq has become the ultimate pain trade. Bulls buy the rebounds, bears chase the breakdowns, and both keep getting punished. But the latest selloff looks increasingly different. NDX is crashing through critical technical levels, tech volatility is approaching Liberation Day panic extremes and positioning data reveals a brutal cycle of selling, shorting and forced covering. Meanwhile, the crowded AI trade continues to unwind, with relative winners emerging outside the AI complex.