The natural inclination after a day like yesterday was to view it as a capitulation and washout. That's often the sign of a bottom. I'm sympathetic to that view because I don't see anything in the macro view that warrants further equity selling, though that could change if omicron hits china.
In any case, Brent Donnelly looked at forward returns in the Nasdaq after reversing 4% futures losses.
Limiting it to only the cash market left an even starker impression.
For the broader market, I'd argue that the macro should trump this but in tech alone we could certainly see more selling. There's no value anchor around buying something at 20x sales or 10x sales.