The US session is starting with declines in the tech index approaching almost 2%.
The market has broken below the resistance defined by the EMA100 moving average, approaching the 161.8% Fibonacci extension of the May upswing. RSI (14) has reached its lowest level since March 2025, below 35. Source: xStation5
Despite the significant scale, this sell-off is highly concentrated.
Among the biggest losers are memory companies and semiconductor stocks, with losses across nearly the entire industry around 10%.
- Concerns about CAPEX may be compounded by China. The CXMT IPO and rumors of a breakthrough in Chinese DUV equipment have the potential to clearly hurt margins across the whole sector, which until now has benefited from the buildout of AI infrastructure.
- Also noteworthy is a Citadel publication, which speculates that the Fed could surprise markets with an interest rate hike.
- The Fed and upcoming earnings from Meta, Microsoft, and Amazon will set the direction for the indices in the coming months.
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