NDX is a market leader. Even with the positive surprises from the overvalued AMZN, FB and LNKD, tech/internet companies are under big pressure.NDX-SPX is just plain ugly.
This specimen features an H&S with the highly technical condition known as double humped shoulders (I am joking, charties love to make things sound dramatic, remember?), the dreaded Death Cross (MA 50 below MA 200), which of course resulted in the recent bounce and now, resumed downside.
Unlike last year’s corrective activity, the problems in January and February were preceded by a weakness in NDX-SPX, and that is what is happening again.
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