The Nasdaq-100 Index, represented by the ETF $QQQ, has experienced a notable downturn, declining 6% since its recent peak. This drop marks the fastest drawdown in nearly a year, with the index potentially closing below 21,066.83 today. If this occurs, it will signify the quickest decline of over 5% from an all-time high in just six trading days, a record last seen in September 2020. Additionally, the index is on track for its worst two-week performance since September 2022, having only been in a downward trend for eight trading days. The Nasdaq-100 is also trading below its 100-day moving average, indicating a challenging market environment.