As the famous saying goes, “History never repeats itself, but it does often rhyme,” and recently, the Nasdaq Composite index (NASX) chart has been demonstrating eerily similar movements as around 20 years ago, when the dot-com bubble imploded.
Indeed, the NASX chart shared by the data analytics platform Barchart shows that the index’s current chart patterns mimic those from the turn of the century, specifically the two bottoms, followed by a top, another bottom, another top, and a beginning of a decline, as shown in an X post published on October 26.
Nasdaq Composite chart since late 1990s. Source: Barchart
As the X user Michael Burry Stock Tracker, who keeps track of Michael Burry’s stock portfolio, highlighted when reposting the chart, the comparison of the dot-com bust and today’s stock market was “looking a little spooky,” according to the post shared on October 26.
What happened in early 2000s
As a reminder, the dot-com bubble was a stock market bubble fueled by hi
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