Chip and AI related stocks are getting hit, sending the Nasdaq indices lower.
The chip and AI sectors are under heavy selling pressure today, with some of the biggest names being hit particularly hard. In my list of AI and semiconductor stocks, Sandisk is leading the declines, down 10.16%. The weakness is broad-based across the chip sector, adding to the pressure on the technology-heavy indices.
That selling is weighing heavily on the broader market, particularly the Nasdaq indices:
- Nasdaq 100: -1.30%
- Nasdaq Composite: -0.90%
- S&P 500: -0.37%
In the video above, I take a technical look at each of those indices, using the same tools to define the bias, risks and targets — three things every trader should be aware of.
The technical picture is a little different for each index. The Nasdaq 100 is the most bearish, reflecting the heavier selling in AI and chip stocks. The Nasdaq Composite is shifting modestly bearish, while the S&P 500 remains more neutral from a technical perspective.
I break down the key levels that would keep sellers in control, as well as the levels that would need to be reclaimed to give buyers more confidence, in the video above.
This article was written by Greg Michalowski at investinglive.com.