What happened
The selling resumed after Monday's bounce, but in slow motion: the Nasdaq-100 fell another 1.1% while the S&P 500 slipped just 0.3% — the damage stayed concentrated in tech. The intraday low near 28,197 was bought aggressively.
Tech participation collapsed to 35% — the low of this entire 30-session period. Barely one in three Nasdaq-100 stocks remained in an uptrend. Yet credit stayed firm and the VIX, while elevated, refused to accelerate. Stress confirmed, panic absent.
The dashboard
Deeply narrow — historically the zone where corrections in this cycle found their floor.
6.46 points below the 77.88 threshold — the three-peak caution pattern remains in force.
Mid-range — momentum neither stretched nor washed out.
Negative — decliners outweigh advancers beneath the surface.
The trend at a glance
Reference levels on this date
| Reference | Level | Plain meaning |
|---|---|---|
| NDX · 200-day average | 25,613 | The long-term trend line. |
| NDX · deep-value band (QEMA5) | 25,166 | The quarterly EMA-5 — the zone that has caught nearly every major dip this cycle. |
| SPX · 200-day average | 6,868 | The long-term trend line. |
| SPX · deep-value band (QEMA5) | 6,719 | The equivalent deep-support reference for the broad index. |
Framework read
35% participation is where prior corrections in this cycle found their floor. The framework's deep-value band sat waiting below — untouched, as it turned out.