The NASDAQ index continues to move sharply lower. The S&P index has now dipped into negative territory as well. The NASDAQ index is down near 1.3% at 13055.78. That is down at 170 points on the day. Meanwhile the S&P index is trading unchanged at 3910. The Dow industrial average is still higher by 135 points or 0.42% at 32558.08
Clearly rotation out of the high tech into the cyclicals. Rising interest rates can’t be blamed today as the 10 year yield is currently down -0.6 basis points. The 30 year yield is down -1.2 basis points.
Technically, the index is in between a swing area defined by swing lows going back to February 23. The price did move below that swing area between March 4 and March 10. Since breaking back above, the lows have held in the swing area on March 10 and again on March 19.