The Magnificent Seven oftentime market leaders were, collectively, down more than 1% by midday. The broader NASDAQ-100, around 55% of which is tech, was off around 0.06% over the same timeframe.
That doesn’t sound like much, because it really isn’t, but the selling is important because it’s a sign of the times: The appetite for risk is drying up, and capital is increasingly making a classic “flight to safety.”
You can really see this happening in the S&P 500 and NASDAQ futures, ES and NQ, respectively.
I’m going to pull up my charts for both of those contracts to give us a sense of this from a technical perspective - very important.
We’ll also look at how this is playing out in specific sectors we’ve been looking at lately, like utilities and healthcare, to name just two.
Let’s get started…