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Tech stocks are experiencing significant pressure, with QQQ already reaching last week's low and trading near the important $701 area. If this level does not hold, the 200-day moving average is close to $684. Many individual names have also fallen below their 8-day, 21-day, and 50-day moving averages.
Scott Redler, Chief Strategic Officer at T3 Live and T3 Trading Group, advised following key trading rules through the upcoming earnings season.
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Redler previously pointed to a busy earnings week for TSLA, NFLX, META, and LRCX, highlighting heightened activity in major firms' reports in recent coverage. He has also noted that the S&P 500 maintained the 764 level but faced a test at 772 in an earlier update. These observations come as tech stocks struggle to hold key support areas.