Nasdaq Deterioration Sends Caution Signals for Other Indices
Biotech and momentum stock selling has caused the NASDAQ to lose over 5% of value in the past month, which could happen to the other indices as buyers become exhausted.
NASDAQ continues to deteriorate, causing Greywolf Technician Mark Newton to be concerned. Biotech and momentum stock selling has caused the NASDAQ to lose over 5% of value in the past month. Newton feels the other indices may recover in the near term and even get back to previous highs, but overall he thinks the market is showing signs of weakness. The selling in the NASDAQ is a sign of what could happen to the other indices as buyers become exhausted.
