SpaceX joined the Nasdaq-100 and promptly shed 23% of its value like a rocket shedding stages except the stages were billions in market cap and nobody planned it. The stock cratered further Friday after the company aborted a Starship test flight at the last second. Imagine being the guy who bought shares specifically because they made it into the index. That guy exists. He's checking his portfolio right now.
The technical setup here is flawless. Break into prestigious index. Watch institutional money flood in. Launch rocket to celebrate. Abort rocket at last second. Lose fifth of company value in days. This is the kind of price action that makes retail traders post rocket emojis in Discord channels at 2am while their wives pretend to be asleep.
Starship aborted the test flight Thursday at the final moment before launch. Markets responded Friday by aborting SpaceX's valuation. The symmetry is almost poetic. The company builds rockets designed to reach Mars but the stock can't maintain an index inclusion bounce for two f*cking weeks.
Every technical indicator says the same thing: none of this matters. The 50-day moving average doesn't care about aborted launches. The RSI doesn't track rocket tests. MACD stands for moving average convergence divergence, not "maybe abort countdown during." But tell that to the Robinhood users who bought at the inclusion peak because a TikTok told them index additions always go up.
They joined the Nasdaq-100 on June 23rd. Twenty-three percent drawdown since. The number of days in the index roughly equals the percentage loss. Even the math is mocking them. SpaceX built reusable rockets but couldn't build a reusable stock rally.
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