Nasdaq 100 futures have experienced a notable reversal, posting a nearly 400-point turnaround overnight, with a red to green shift of over 350 points. However, the Nasdaq 100 index remains under pressure, having declined 12% over the past 13 trading days, officially entering correction territory. This downturn has been marked by the highest recorded total US put option volume, indicating heightened bearish sentiment among investors. The index is now down 10.7% year-to-date and has fallen below its 200-day moving average for the first time in nearly 500 days. The selling pressure has been described as the strongest on record, with many large-cap tech stocks down over 30% from their all-time highs. The S&P 500 ETF put options volume surged to nearly 8 million, marking the third-largest spike in history, while the Nasdaq 100 ETF put options volume reached an all-time high, suggesting a peak in bearish sentiment in the market.