The Nasdaq-100 crashed below its 50-day moving average for the first time since March this week, putting it on pace for its worst stretch of losses since December.
What’s more, the tech-heavy index is on track to cap off a two-week pullback of 4%, as of Thursday’s close. If those losses hold, it would mark the worst such stretch since Dec. 23, when the index fell 5% over two weeks, according to Dow Jones Market Data. Among the so-called “Magnificent Seven” stocks credited with being the biggest contributors to this year’s rally, Apple Inc. AAPL , Nvidia Corp. NVDA , Microsoft Corp. MSFT and Tesla Inc. TSLA all closed below their 50-day averages this week.
Volume-at-price measures trading volume for a given security at a range of price points over a given period. Krinsky looked back at the last three years in his analysis. Technology stocks have fallen in recent weeks after their latest quarterly earnings failed to impress the market.
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Tech stocks are off to their worst start to a month since DecemberTech stocks are off to their worst start to a month since December with the Nasdaq down 3% already
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