So Winter's Over: That's the Story at Least

So that is it? A few days of the Nasdaq burning longs and suddenly today we are seeing a plethora of statistics and number crunchers implying a bottom is imminent. 

Call me old-fashioned (and I certainly feel that way in this market at times), but the QQQ has not even sniffed its 150-day simple moving average (red line on daily chart for the ETF of the top 100 market-weighted Nasdaq names) let alone the widely-watched 200-day moving average (yellow line). 

Furthermore, the VIX may have hit the low-30s today on the depths of the selloff in stocks but is still below where it was around Halloween 2020 and late-January of this year. So, the case for a bit of complacency remaining is still viable. 

My sense is that this is a make-or-break spot for many stocks and sectors: TSLA at $620. ARKK below $120. The SPY below $380. Failure of bulls to recapture the initiative by the end of the week tomorrow puts them in the unfamiliar position of seeing their dip-buyers fizzle out and a further risk of another leg down which, again, is absolutely possible if you gauge those QQQ long-term moving averages. 

Into this final hour, scalpers should keep an eye on GME above $132 for some more potential fireworks.

Overall, I am not yet convinced winter is over.