Nike has likely reached its bottom; today's move marks a major turning point.

Nike is the biggest mover today, but look at today's move away from its lowest levels. Nike touched a significant weekly low. I had two main levels I was monitoring here. We will focus only on this level.

I want to enlarge the image here . Please be patient with me while I do that. Look at all this sideways oscillation here. This is where we touched this support zone at approximately 32.50.

What I saw here is that Nike has recovered remarkably from its lows, falling by only 3.67%, and look at that beautiful green candle. First, it was already trading at its lowest levels in decades or a decade.

Second, the stock price was already reflecting expectations of a horrendous report, which they actually delivered. And third, you now have a kind of scenario where they wiped everything off the shelves at once.

So, now it's reached its worst point . Now people are saying, ' Hold on a minute.'" The arrow has reached here. How much worse could things get? Perhaps it's time to buy, or at least start covering short positions.

Today we traded over 120 million shares of Nike. I think we will look back on today and say that this was the lowest point for Nike's stock. I think this stock, whether it rises quickly or not, I don't know.

I won't claim to know that. But today's price movement suggests a major turning point for the stock. This is just a simple personal opinion. We'll see how things turn out.

The stock is now trading 3.6% below its lowest point. At one point today, Nike was lower than yesterday's closing price. It was down by 9%. If you look at the pre- market lows, they were down by more than 10%.

So, a remarkable recovery for Nike. It will be interesting to see today's closing price in a few minutes.

Also, Nike may have reached a potential bottom, but it is not affecting the stock market.

Technology stocks, those that have reached record highs, may take a break, but some of these declining stocks , such as Nike or something like Clorox, have significant upside potential according to the charts.