August Kickoff: Tech Mean Reversion Hits Resistance at VWAP
A morning gap-up in Semiconductors failed to hold the 20-day EMA as rotation into small-caps dominated the mid-session tape.
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The August opening bell brought a classic 'gap and trap' scenario for Megacap Tech. After a flurry of pre-market buying pushed NVDA and AMD toward key psychological levels, the overhead supply proved too heavy. By the New York lunch hour, the initial long bias was invalidated as the QQQ sliced through the opening range low, forcing momentum scalpers to flip short or sit on hands while the tape searched for a bid at the previous week's value area.
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