As of June 7, 2023 the NASDAQ 100 structure is tracking with the NASDAQ 100 May 19, 2008 Fibonacci 61.8% retracement structure shown below. Using this model provides the expectation of another move above the 61.8% level before making a move to lower levels. Looking back to news events on May 19, 2008, there are some similarities in the standard reasons they use to describe market moves.
Weekly Stock Market Commentary 5 19 2008
Stock charts courtesy of StockCharts.com.
