According to The Kobeissi Letter, the Nasdaq has experienced a significant drop of nearly 900 points from Monday's high after a previous rise of 2,400 points since April 7th. This decline follows Fed Chair Powell's announcement that the 'Fed put' will not be rescuing the market anytime soon, indicating a cautious stance on market intervention. Traders should closely monitor Federal Reserve policies as they have a direct impact on market volatility and trading opportunities.