By Nicholas Santiago on June 23rd, 2010 10:43am Eastern Time
Since the strong gap higher open on Monday June 21, 2010 the market has started to sell off again. The move lower has been lead by technology. The high pivot on the NASDAQ composite on Monday was 2341.11. Today the NASDAQ is trading lower by 20.75 to 2240.18. That is a 100.93 point decline from the high peak on Monday June 21st in just three trading days.
Many leading technology stocks are trading lower this morning. Adobe Systems Inc (NASDAQ:ADBE) is trading lower by 1.38 to $31.41 after reporting earnings last night. This stock will have some daily chart support around the $30.00 area should it decline further in the coming days.
Sandisk Corp (NASDAQ:SNDK) is another leading stock that is trading lower. The stock is down 1.14 to $45.93 today. Sandisk Corp hit a wall at the $50.00 resistance level and has retreated since reaching that level. This stock will have good daily chart support around the 44.60 level.
Netflix Inc (NASDAQ:NFLX) has been one of the technology leaders throughout 2010. This stock has pulled back sharply from the $128.00 level which was an all time high. Netflix Inc is trading lower today by 1.00 to $115.39. The stock will have some minor support here at this level and more around the $110.00 area.
Technology has been the leading index throughout 2009 and the first quarter of 2010. However, since the April market top the tech heavy NASDAQ has plummeted. It is important to realize that even when the leading stocks pullback they will have sharp bounces at important support levels.
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