Technical Analysis

So much for that split-Congress bump. Nasdaq down 2%

I don’t want to tie the moves in markets too much to politics because even though Democrats did a bit better than expected, it’s gridlock either way.

What baffled me before the vote was just how many people were saying “a split congress is good for stocks” and posting charts like this:

I’ve been railing against that thinking all week and warning that would-be sellers would simply use the bounced to upload stocks into a year that’s going to feature intense tax-loss selling.

Now here we are with the Nasdaq down 2.1%.

If Tesla cracks $179 and crypto continues to fall, this could get much worse from here.

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