What happens sometimes in drawdowns is that not all the indexes show the same amount of weakness. This round, SPX which has more "reopening" and less "tech" in it, is the key to the second leg down vs. NOT scenario. Tech can make lower lows than SPX in this context as long as SPX does not come along later for the ride down. NDX may be leading (in which case SPX will follow), or may just under more pressure due to the over-exuberance of market players that preceded the 1st drawdown.
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