How will the market perform this week? The Nasdaq could drop another 8%! 1. Nasdaq 100 $QQQ Short-term, a brief rebound may occur before further declines. Last week, the Nasdaq suffered a sharp drop; its technical structure has clearly weakened, and after hitting a new all-time high, it faced intense selling pressure—reminiscent of capital gradually withdrawing from elevated levels. A rebound to the 725–729 range is possible, but if it fails to break higher, caution is warranted for another downturn. The real concern is a potential further pullback of up to 8%, possibly testing the 670 level. However, if the rebound strongly breaks above key resistance, a V-shaped recovery cannot be ruled out. 2. S&P 500 $SPY Compared to the Nasdaq, the S&P 500’s performance has been relatively less severe. Although it also declined last week, key support remains intact, and it is still holding above the 765 level. The focus now is whether this support can hold. If broken, a further pullback of around 5% is possible, and the quarterly upward gap may be filled. It’s still too early to adopt a fully bearish stance. 3. Semiconductor ETF $SMH The semiconductor sector has declined for nine consecutive trading days and has now reached the critical support zone of 530–540. This level has historically provided strong support multiple times, making a short-term technical rebound likely. If a rebound occurs, watch the 570 level; stronger moves could test 590. However, nine straight days of declines don’t guarantee an upward turn on day ten—the support level could still be breached. 4. Magnificent Seven ETF $MAGS The Magnificent Seven index is still holding above its key support near 70. As long as this level holds, the overall trend hasn’t deteriorated completely. However, significant volume-driven selling emerged in the latter half of last week; if this support is broken, a substantial further decline could follow. Medium- to short-term sentiment remains bearish, especially for the Nasdaq—but avoid aggressive shorting, as a rebound could emerge at any time.