Those halcyon days of tech rallying unabated are over and now comes the other side of the emotionally driven trading – the panic.  It’s not wholesale panic, but it’s reflective naturally as pent-up angst.  Selling begets selling.  On that note, the NASDAQ is still up 16% for 2017 and more than 20% in the past year.  But the index is at a pivotal short term support point (mentioned in the morning commentary).

On a closing basis, the index gets a moral victory closing above 6,230; below there, the next big level of support is 6,100. 

Meanwhile, pure technicians have to be salivating at this chart.  NASDAQ is at the bottom of a perfect channel so holding would be a buy signal for them.

I don’t want anyone to panic.  On the contrary, while we keep our heads on a swivel, this is when we populate our buy wish list with would-be winners down only because the market is under pressure but indicative of the company or its fundamentals.