HEAVY SELLING IN COMMUNICATION AND TECHNOLOGY STOCKS PUSH NASDAQ SHARPLY LOWER -- INTERNET AND SEMICONDUCTORS LEAD THE SELLING -- SO DO CHINESE STOCKS ON THREAT OF DE-LISTING

NASDAQ COMPOSITE FALLS FURTHER BELOW ITS 50-DAY LINE... Chart 1 shows the Nasdaq Composite falling sharply today and moving further below its 50-day moving average.   Selling in software and semiconductors are leading the decline in the technology sector.   Communication stocks are also having a bad day.  Chart 2 shows the Communication Services SPDR (XLC) falling further below its 50-day average as well.  Internet stocks are leading the decline there.   News that the White House is threatening to de-list Chinese stocks is pushing those stocks sharply lower as well.  Many of them trade on the Nasdaq like JD.Com (JD).  Chart 3 shows that stock tumbling more than -6%.  Alibaba (BABA) trading on the NYSE is down a similar amount.

With the Nasdaq leading the way, stocks are heading into the Friday close on the defensive.   We'll take a more in-depth look at any short-term technical damage being done to the major stock indexes over the weekend.