The Only Chart You Need to Understand the Market Right Now: StockTwits.com

NEW YORK (TheStreet) -- There's been a vicious sell-off in momentum tech names over the last several months. Stocks like FireEye (FEYE), Yelp (YELP), Pandora (P) and Twitter (TWTR) have all been crushed on a three-month basis. FireEye is down 58% and Twitter is down nearly 40% over that time frame. But even despite the huge selloff in these tech names the S&P 500 and DJIA are both green year-to-date. 

The major indexes have largely remained positive on a year-to-date basis because of a strong bid within the utilities and energy sectors. While tech stocks have been getting slammed, the SPDR Energy Sector ETF, ( XLE), has quietly been hitting several new all-time highs. 
On StockTwits, a particularly eye-catching chart was shared today and it clearly demonstrates the rotation out of momentum tech stocks. The chart compares the NYSE's advance/decline line to the Nasdaq's advance/decline line and the spread between the two is absolutely enormous: 

ChOTD: NYSE Advance/Decline Line @ 52-Week High, Nasdaq Advance/Decline Line @ 6-Mo Low $SPY $QQQ http://stks.co/b0Ww3

? J. Lyons Fund Management, Inc. (@JLyonsFundMgmt) May. 8 at 08:35 AM


If you enjoyed this article make sure to follow the author on Twitter and StockTwits

This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.

More from Opinion

Musk Goes on Unoriginal Media Tirade

Musk Goes on Unoriginal Media Tirade

What's Happening in Video Games This Week: On the Road to E3

What's Happening in Video Games This Week: On the Road to E3

Wednesday Wrap-Up: Let's Talk About General Electric

Wednesday Wrap-Up: Let's Talk About General Electric

Week of the Women From Finance to Fast Food

Week of the Women From Finance to Fast Food

Tuesday Turnaround: Micron, Autonomous Driving, and J.C. Penney

Tuesday Turnaround: Micron, Autonomous Driving, and J.C. Penney