Stocks reversed course from the morning and tumbled as the NASDAQ led the selling. Mark Newton, Chief Technician at Greywolf says momentum stocks like Netflix and Tesla are losing their 'gogo' steam. As a result, these high flying tech names faltered, bringing most of the NASDAQ with it. The major indices have followed suit, although the selling isn't as pronounced. Newton is looking at the Russell 1000 for signs as to whether the selling will pick up steam.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

More from Video

Video: Here Is Why Carvana Isn't Worried About Amazon

Video: Here Is Why Carvana Isn't Worried About Amazon

Video: What Oprah's Content Partnership With Apple Means for the Rest of Tech

Video: What Oprah's Content Partnership With Apple Means for the Rest of Tech

REPLAY: Jim Cramer on the Markets, Oil, Starbucks, Tesla, Okta and Red Hat

REPLAY: Jim Cramer on the Markets, Oil, Starbucks, Tesla, Okta and Red Hat

Flashback Friday: The Market Movers

Flashback Friday: The Market Movers

This Could Be the Summer of Hard Seltzer

This Could Be the Summer of Hard Seltzer