Today's session started off very bearish and had a second wave of selling in the afternoon before bouncing a bit into the close. It was a combination of options expiration and profit taking. The Nasdaq carved out a wide range, bearish engulfing pattern on higher volume. It managed to observe the January high and the 20 day EMA as support. We have some negative divergence of the RSI that could be an early reversal sign, but its too soon to tell. The worst performers were disk drive and semis. Large caps fared worse than small caps. Furthermore, there was a big divergence between the INDU and SPX versus the Nasdaq. No major damage but if we don't stabalize and neutralize Friday's action early next week, we could be in for a correction. Today's big NDX losers were SNDK, ERICY and MRVL and the winners were GOOG, AKAM, and JOYG.
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