The monotony of the stonk market was finally broken on Thursday as leading stocks across the board were hammered. This shows up on the major market indexes as a cavalcade of sharp price breaks off Wednesday’s highs.
The tech-heavy NASDAQ Composite took the brunt of the two-day selling spree but finally found support at its 50-dma on Friday morning and held as did the small-cap Russell 2000 Index. While the NASDAQ traded in lighter volume, the S&P 500 and Dow Indexes posted wild high-volume shakeouts at their 20-day exponential moving averages. Both indexes ended the day back above their respective 20-demas, so for now this represents near-term support.
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