BTIG Sees Nasdaq Breaching Friday Low Within 5 Days After 4.18% Drop

1 articles · Updated · CNBC · Jun 9

BTIG said the Nasdaq Composite is likely to undercut last Friday’s intraday low within five trading days after the index sank 4.18% in its worst one-day fall since April 2025.
22 prior Friday drops of 4% or more over the past 30 years underpin that call: the index broke the Friday low the next Monday 17 times and by the end of the following week 19 times.
Jonathan Krinsky said the Nasdaq 100 is now retesting its 20-day moving average at 29,684 from below, a setup he called a point to lighten positions rather than expect a durable rebound.
The selloff was led by chip stocks, with some investors tying the weakness to disappointment that Broadcom did not raise its AI chip outlook; BTIG said the current market is not as oversold as the rare historical exceptions.
BTIG added that while the Friday low has always eventually been retested after such routs, average and median Nasdaq returns in the following weeks have still been positive.