Market Maven 73
New member
- Joined
- Oct 31, 2026
- Messages
- 1
Man, I’ve been staring at the charts since 5 AM with a lukewarm coffee in my hand, and honestly, the NDX setup is making me nervous. If you’ve been ignoring the tech space, you probably missed that nasty break below 29000.00. I was watching that support line like a hawk all week, waiting for a bounce, and I actually got burned on a small scalping position on Tuesday when I thought the buyers would step in. Total rookie move—I didn't respect the stoploss, got a little too confident with a tight limit, and got rekt on the quick flush downward. It’s a good reminder that no matter how much you "feel" like it’s gonna hold, the price action is the only thing that matters.
Right now, we are looking at a clear path down to 27500.00. The wave analysis is looking pretty bearish, and that 29000.00 level that held us up back in August? It’s basically toast now. It acted as a solid floor for a while, stopping wave (a) and wave ii, but that support zone is completely broken. When you see a major support like that turn into resistance, you really shouldn't be trying to catch a falling knife unless you’re playing with money you’re prepared to lose.
It’s not just tech either. Everything seems to be moving in sync right now. The dollar is gaining steam for October because the market is pricing in those rate hikes like they're guaranteed, and honestly, the yen and the euro are just getting absolutely crushed in the process. I was looking at the zloty earlier too—UBS is actually bumping their forecast up, which is interesting if you’re into the forex side of things, but for me, it’s just more noise confirming that the greenback is the only place people want to be. The macro environment is super tight, and the risk-off sentiment is dragging the indices down with it.
If you’re still trying to DCA into your favorite tech stocks, maybe pause for a second and look at the daily candle. We are looking at a serious correction here. I’m not saying we’re going to zero, but catching the knife at 28500 or whatever isn't worth the stress if we still have that 27500 target sitting there waiting to be filled. Don't let the fomo cloud your judgment just because you saw a green candle for ten minutes. I’ve seen enough "dips" turn into prolonged bear trends to know when to step back and wait for the dust to settle.
I’m personally moving to mostly cash until I see a real volume spike at that 27500 level. If it holds, great, maybe we get a reversal, but if it breaks, look out below. Is anyone else actually shorting this, or is everyone here just bagholding and hoping for a pivot that isn't coming this quarter? Seriously, let me know if you see a bullish divergence anywhere on the hourly, because my charts are screaming pure red right now and I might be missing something.
Right now, we are looking at a clear path down to 27500.00. The wave analysis is looking pretty bearish, and that 29000.00 level that held us up back in August? It’s basically toast now. It acted as a solid floor for a while, stopping wave (a) and wave ii, but that support zone is completely broken. When you see a major support like that turn into resistance, you really shouldn't be trying to catch a falling knife unless you’re playing with money you’re prepared to lose.
It’s not just tech either. Everything seems to be moving in sync right now. The dollar is gaining steam for October because the market is pricing in those rate hikes like they're guaranteed, and honestly, the yen and the euro are just getting absolutely crushed in the process. I was looking at the zloty earlier too—UBS is actually bumping their forecast up, which is interesting if you’re into the forex side of things, but for me, it’s just more noise confirming that the greenback is the only place people want to be. The macro environment is super tight, and the risk-off sentiment is dragging the indices down with it.
If you’re still trying to DCA into your favorite tech stocks, maybe pause for a second and look at the daily candle. We are looking at a serious correction here. I’m not saying we’re going to zero, but catching the knife at 28500 or whatever isn't worth the stress if we still have that 27500 target sitting there waiting to be filled. Don't let the fomo cloud your judgment just because you saw a green candle for ten minutes. I’ve seen enough "dips" turn into prolonged bear trends to know when to step back and wait for the dust to settle.
I’m personally moving to mostly cash until I see a real volume spike at that 27500 level. If it holds, great, maybe we get a reversal, but if it breaks, look out below. Is anyone else actually shorting this, or is everyone here just bagholding and hoping for a pivot that isn't coming this quarter? Seriously, let me know if you see a bullish divergence anywhere on the hourly, because my charts are screaming pure red right now and I might be missing something.