September 21, 2020, 1:57 pm EDT
Technology Saved Today
Technology focused Nasdaq index saved the day by going down only -0.1% compared to DJIA -1.8% or S&P 500 -1.1%. ZM +7%, AMD +4%, PYPL +4%, and AAPL +3% represented a rebound from technology area that was hit hard last week.
However, DJIA lost -500 points is still significant enough to note the weakness after topping out in early September. Gap-down breakdown takes some time to repair today’s damage if it exists in the next 1-2 weeks.
Market bias shifted to pullback or even deeper correction. Without emerging leaders, market participants should be cautious at this stage.