S&P down but limited. Dow ends the day up. ROTATION.

The stock market rotated out of the high flying tech stocks.

  • The Nasdaq reached an all time high earlier in the day, but the afternoon saw the market tumble. The high reached 6341.695. The low 6137.67 - a range of over 200 points. That is huge. The index is settling at 6207.92, down -113.85 or -1.80%. For the week, the index declined by -1.55%.

In the other major indices:

  • The S&P fell -2.02 points or 0.08%. For the week the index was down -0.30%
  • The Dow closed higher up 89.44 points or +0.42%. For the week the Dow was up 0.31%.

Today was a day for the bears to get in their "I told you so" comments (and it finally means something). However, when the market does this (see chart below), there is room for give back. The 50 day MA is at 6057.10. The 100 day MA is at 5914.58 (that would be a 7.3% correction.)