QQQ has closed lower than its opening price for 8 consecutive trading days now—this is a very rare occurrence in history. After 7–10 days of continuous slow declines like this, the market usually doesn’t continue to drift downward calmly. A decisive move is coming soon. Historically, similar patterns of consecutive slow declines followed by a sudden release of volatility occurred in March 2026, 2020, December 2018, and 2016–2017. The difference lies in whether the market bottoms out and rebounds directly or experiences one final flush before a sharp reversal. The key variable to watch now is the short positions of bond CTAs in U.S. Treasuries, which are currently very crowded. If there’s an unexpected rebound in long-term U.S. Treasuries, it could trigger forced short covering by CTAs, further pushing down the 10Y yield. This would directly benefit tech stock valuations.