The NASDAQ Composite Index ran into a wall of selling on Thursday as big-stock techs, led by Apple (AAPL), were hit hard. However, we were starting to see some clues that the rally was perhaps getting a bit long in the tooth the prior week and coming into this week.
The NASDAQ chart shows an index under subtle siege over the past two weeks with two distribution days on Tuesday and Thursday of this week. Friday’s action took the index down to the lows of two Tuesdays ago when it found support at the 20-day exponential moving average. On Friday, however, the index closed below the 20-dema.
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