20200225 $COMPQ (Nasdaq)

The Nasdaq Composite Index closed today near session lows at 8965. While it may bump higher ST next significant support is at 8494 and then at 8069. Those would be drops of -13% and -18% from all time high. $COMPQ has already lost 9.2 % from ATH, so neither of these are a stretch.

If this was a normal correction, I would be looking for upside from current levels. The index has fallen hard and fast and usually one can expect a bounce. COVID-19 has too much of an X factor to potential news at this point that the sidelines are a decent place to sit, rather than anticipate a rapid “V” shaped turn around now.