Short

Fangs Leading the Nasdaq Lower

When the best companies falter it is a sign for the broader market. With negative divergences on the supporting indicators, price is proving the new short-term downturn. Supreme court shenanigans, Brexit or trade deal politics do not necessarily explain it. Interest rate hikes go some way towards it, but ultimately it is a traders market. Traders, Hedgefunds and Algo's account for 90% of market traffic and volume and they all spot a downside deal. The economy is in rude health, but the S&P500 is also approaching overpriced. Sometimes a break is needed to catch your breath, sometimes a pause looks like a crash. It is not a crash yet, as we do not have longer-term evidence. We will see over the next week or two.

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Barry D. Moore CFTe Financial Technician
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