The Downside in NQ Is Expanding Faster Than the Upside Can Recover

On NQ, one might currently be getting hit almost 2-to-1 on the downside relative to the upside.

Meaning the upside recoveries — in pure point terms — are only retracing roughly half of what the downside spikes are taking away.

That asymmetry matters tremendously in a tournament environment because volatility is not behaving symmetrically. The downside expansion is materially more aggressive than the upside restoration.