A White Swan in the form of positive Phase 3 test results for Pfizer’s (PFE) and BioNTech’s (BNTX) jointly developed vaccine sent the market gapping absurdly higher on Monday morning. As the day progressed, it involved into a Manic Monday as the NASDAQ Composite Index gave up a nearly 213-point upside move to close down -181.45 on the day in an ugly outside reversal.
The alibi for selling off tech across the board sent the NASDAQ lower yesterday in a bearish follow-through to Monday’s big outside reversal. The index held support at the 10-dma and 20-dema yesterday and then bounced today on lighter volume. In this position we might watch for a retest of the 10-dma and 20-dema.
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