Nasdaq Longs Haven't Capitulated Despite The AI Meltdown
Something has to give
Nasdaq is approaching a critical crossroads. Tech is dramatically underperforming small caps, credit stress is finally catching up with equities, and volatility has surged. Yet futures positioning remains stubbornly elevated, bearish hedges are quickly unwound, and NDX continues to hold its broader trading range. With earnings approaching and the critical 29k futures level in focus, the tension between deteriorating internals and resilient positioning is becoming increasingly difficult to ignore. Something has to give.