The latest selloff has left the market with very different technical setups.
Some charts are approaching key support, while others are showing conditions that could favor a short-term relief rally.
Here’s what I’m watching:
🔹 $S&P 500(.SPX)$ — 7,668 IS THE LINE TO WATCH
The cash open is not expected to be oversold. Price remains comfortably above the lower Bollinger Band, while momentum oscillators are still in neutral territory.
A break below 7,668 would cause significant structural damage to the broader trend.
🔹 $Invesco QQQ(QQQ)$ — OVERSOLD, WITH A GAP ABOVE
Today's candle came with massive volume and broke below the lower Bollinger Band.
An unfilled overhead gap remains on the chart and could act as an upside magnet next week.
The setup favors an oversold relief rally, although price still needs to confirm a reversal.
🔹 $Amazon.com(AMZN)$ — CAN THE POST-EARNINGS SELL-OFF REVERSE?
Amazon has a history of reversing its initial post-earnings reaction:
• February 2026: Sharp flush, followed by a rally.
• May: Gapped higher, then cratered.
• July: Spiked, then sold off.
• Today: Sharp sell-off.
Could the latest flush be followed by another relief rally?
Today's attempt to fill the gap adds another reference point to that possibility.
🔹 $NVIDIA(NVDA)$ — 200DMA SUPPORT UNDER PRESSURE
Nvidia is deeply oversold relative to its lower Bollinger Band and is testing support at the 200-day moving average.
This setup has produced five bounces year-to-date, with two visible examples on the chart.
The only previous failure came during the sharp March sell-off. Nvidia eventually bottomed seven trading days later.
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