Rotation out of some of the high flyers
The Nasdaq index is down -65 points and in a bit of a free fall. The index is down about 68 points or 1.07%. Looking at the hourly chart, the price fell below the 50 hour mA at 6278.41. The 100 hour MA at 6221.363 is the next target. The market fell below the 100 hour MA last on the Comey firing. That move stalled right at the 200 hour MA (green line) and rebounded.
Since the March 27 lows, the index has risen by nearly 10% (9.90%). Needless to say, that is a pretty good run. There is room for a correction.
The S&P is not following. It remains up 2.72 points ro +0.11% on the day. The Dow is up 82 points.
A rotation is underway.
