Nasdaq In Red Zone As Bearish Engulfing Pattern Hints At Further Downside
Portfolio Pulse from Piero Cingari
The Nasdaq 100 experienced a significant 2.2% decline on Thursday, marking its worst performance since the beginning of the month. This decline completely reversed the gains experienced in the previous session. Even Nvidia Corp.’s strong Q2 earnings failed to uplift sentiment within the tech stock sector. The bearish engulfing pattern on the chart suggests further price weakness. Investors in the tech sector, tracked by the Invesco QQQ Trust, are now focused on the upcoming Jackson Hole Economic Symposium.
August 24, 2023 | 9:19 pm
News sentiment analysis
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NEGATIVE IMPACT
Despite Nvidia Corp.’s strong Q2 earnings, the tech stock sector experienced a significant decline. The company's stock opened over 5% higher but closed the day flat.
Nvidia's strong Q2 earnings were not enough to uplift the overall sentiment in the tech stock sector, which saw a significant decline. This suggests that despite the company's strong performance, external factors are influencing its stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Investors in the tech sector, tracked by the Invesco QQQ Trust, are focused on the upcoming Jackson Hole Economic Symposium. The bearish sentiment in the market could impact the ETF.
The bearish sentiment in the market, indicated by the bearish engulfing pattern on the Nasdaq 100 chart, could impact the Invesco QQQ Trust. Investors are likely to be cautious ahead of the Jackson Hole Economic Symposium.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 70