Tech Cracks, Stress Explodes — But Software May Be Hitting Exhaustion

That déjà vu

We keep coming back to this déjà vu setup. Markets are replaying the same pattern we saw from Nov ’24 into the Feb ’25 selloff. This time, we consolidated since last November, and suddenly things look ugly again. Last year’s real puke began when NASDAQ broke the 100-day MA. We’re seeing that exact break today.