Nasdaq Crashes Through Critical Resistance, Gives Up March Gains

Things have accelerated south as the day wears on, with US equities all down hard led by a 2.5% plunge in big-tech.

Nasdaa is now down almost 1.5% since the end of February (and down almost 5% from Monday’s exuberant highs)…

The losses sped up as Nasdaq broke below its 50-day moving-average…

…and is clinging to the 13,000 level… and 12,800 is the nest level to test

As SpotGamma warned last night, positive gamma refuses to materially build around current SPX price levels, and as such we are growing quite concerned that markets are increasingly susceptible to a “sucker punch”.