The Nasdaq index is trading to a new year low at 12194.60 . That took out the low from Monday at 12202.41.
The price now trades at the lowest level since November 30, 2021. The NASDAQ closed 2021 at 12888.28. It is below that level It closed 2022 at 15644. The Nasdaq is down -24.75% from the high.
The move from the high is the largest since the correction at the start of the pandemic. At that time, the Nasdaq fell -32% from the high to the low.
A 32% decline from the all time high would take the Nasdaq to around 11,000. The 50% of the move up from the pandemic low comes in at 11449.29. That would represent a 29.2% decline from the all time high. That just puts things into perspective from a correction ooint of view.
Yesterday in the North American wrap I wrote:
Technically, both the broader S&P and NASDAQ index are closing right above their 100 hour MAs at 4296.19 for the S&P (vs 4300.16 close) and 12945,84 for the Nasdaq index (vs 12964.87 close). Tomorrow a gap higher would put some space between the MA and the price and give the upside some additional room to roam. If the price opens lower or near current levels, there is the potential for the day after hangover after the partying today.
The price of both the Nasdaq and the S&P did gap lower and the day had a hangover feeling all day long..... with plenty of "puking" as well. The party was over quickly. How long it will take to recover is the next question, but the market is still feeling pretty sick.