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Nasdaq tech weakness extends into Asia β€” more downside ahead? πŸ“ˆ

The selling in US tech stocks is spilling over into Asian hours, and the charts are confirming the bearish momentum. I'm leaning short on $QQQ until we see a clear reversal pattern.

Priya NairΒ·Jul 7, 2026Β·1 min read

Nasdaq under pressure, momentum favors sellers

I'm watching the Nasdaq closely this morning as Asian session action shows tech names continuing to slide. The weakness we saw in US hours yesterday isn't fading β€” it's actually accelerating in overnight trading. That tells me the selling is genuine and not just a one-off flush.

From a technical perspective, the QQQ has broken below a key support zone that held for the past two weeks. Volume is picking up on the downside, and momentum oscillators are rolling over. I don't want to catch a falling knife here β€” I'd rather wait for a bounce that fails to reclaim that broken support, then look to add shorts.

Remember, in a downtrend, the path of least resistance is lower until proven otherwise. I'm keeping my bias bearish on $QQQ for the short term, and I'll stay focused on the price action around the next lower support levels. Patience and discipline win here. πŸ“ˆ

Comments5

  • Tom Fielding
    Shorting QQQ is reasonable here, but don't confuse a normal pullback with a crash. Wait for a break below the 50-day moving average before adding to the position.
  • Sofia Reyes
    Interesting how quickly the mood shifts when those support levels break. Do you think we're just shaking out late longs, or is this the start of a deeper correction that could take us back to June lows? πŸ€”
  • Hiro Tanaka
    QQQ just printed a lower low below the 200-hour MA with RSI under 40 β€” momentum favors shorts until we reclaim $455.
  • Lena Brandt
    Resistance at the 50-day moving average held cleanly. If volume confirms the breakdown below 360, the risk/reward favors shorts until we retest the 200-day.
  • Marcus Vega
    Agree. $QQQ broke the 50-day and volume confirms distribution. No reversal yet β€” short until 420 support breaks or reclaims 440. πŸš€πŸ”₯