As much as yesterday’s action looked like a replay of Tuesday’s action, a reversal in the last hour changed the situation completely. If we don’t get help from the CPI number this morning, the NDX 100 could face its first 2-week decline since February.
The decline in the tech stocks over the past month has taken both the NDX and XLK down to very important support levels. Thus, if they fall further…either now, or after a short-term bounce…it’s going to signal a key change in trend on an intermediate-term basis.
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