Nasdaq 100 trendline bounce has Puru Saxena watching for a multi-week rally
As seen on the 24/7 Wall St. homepage on November 7, 2026.
Saxena is reading the AI-driven selloff in the Nasdaq 100 as exhaustion rather than the start of something worse, with a trendline bounce and a Thursday VIX spike as his tells.
$NDX - tide about to turn? - Bounced off trendline, major support just below. - VIX spiked on Thursday - Sentiment is dire, positioning is washed out On watch for the turn and multi-week rally. https://t.co/IDMa1Y7VBC
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Puru Saxena posted on November 7 that the Nasdaq 100 had bounced off a key trendline, with major support sitting just below current levels, and that Thursday's VIX spike was the kind of fear signal he looks for near turning points.
Saxena describes sentiment as dire and positioning as washed out, two conditions that historically reduce the pool of remaining sellers and can accelerate a snapback when buyers step in.
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A sharp intraday surge in the volatility index often marks the moment when forced or panic selling peaks, and Saxena is treating Thursday's VIX spike as confirmation that the selloff is exhausting itself rather than gaining momentum.
He stopped short of calling a definitive bottom, framing the situation as being on watch for the turn. What he is specifically anticipating is a multi-week rally, a medium-term positioning call worth tracking as the index interacts with that trendline in the sessions ahead.