September is here, and its entrance is dashing hopes that September seasonality came early.
As of this writing, the Nasdaq futures are down 2.25%, and the S&P is down 1.37%. What’s interesting about the summer pullback is that semiconductor and technology stocks led it lower. This is critical to mention because these are typically the relative strength areas of the market and generally the spots to lead the market higher.
What can bring the Nasdaq higher without participation from these names to the upside? And, what should traders look for as far as support zones to the downside?
It’s critical that traders identify critical support zones and look for relative strength stocks to identify if and when the pullback stops. Otherwise, it continues picking up steam to the downside.
I stopped by Charles Payne to discuss. Check out my analysis and downside levels below:
