The analysis focuses on NIO, IWM and QQQ with technical analysis. It notes that NIO stock closed at $6.86 and faced downward pressure. The analyst examines IWM on an hourly chart, pointing out a sharp decline, the small caps market shows recovery, and for the weekly timeframe, he is looking for a bounce. Open Inc, another low cap stock, closed with a green candle. A cup and handle formation is identified on NIO's weekly chart, targeting 7.78 with resistance at 7.70, on the hourly timeframe there's a false breakdown on the ascending support, the analysis expects an upward move, and to break through that 7.34. Potential support levels for NIO include 6.41 and 6.91. Overall the overall market picture is used as context.