The washout is largely completeTechnology remains under pressure, but the market structure has changed materially. Technicals are deeply oversold, while positioning across hedge funds, CTAs, leveraged ETFs and retail has reset aggressively. With much of the forced selling now behind us, the bar for a meaningful rebound is becoming much lower.NDX technicals
The Great Tech Reset
Roughly 85% of the April-May leveraged ETF build-up has already been unwound, according to JPM. There are simply far fewer leveraged players left to force-sell on the next downtick.
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