Tech/AI selloff and momentum crash
Tech and semis are being hit hard, with QQQ at its 200MA, SPX support broken and the momentum factor down more than in the dot-com bust. AI capex worries and a broader repricing are cited.
What we know
An account on X flags QQQ retesting the 200MA, and another account on X RTs Morgan Stanley data on the momentum drawdown. Another account on X says it's more than a correction. Another account on X frames it as 'position off' de-grossing, and another account on X RTs a '$164 billion selling bomb' warning.
By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.