TECH SPDR FALLS BACK BELOW ITS 200-DAY AVERAGE -- SO DO THE QQQ AND SEMICONDUCTOR ISHARES -- LATE STOCK SELLING MIGHT SIGNAL MORE TO COME

NASDAQ 100 QQQ CLOSES BELOW 200-DAY LINE...Today's two earlier messages focused on three technology-dominated ETFs that were trying to clear their 200-day averages.  All three failed that initial test by closing lower today.  Chart 1 shows the Invesco QQQ Trust giving up its earlier gains and ending the day back below its red line.  It also closed modestly lower and on its low of the day.  And in heavier trading.  The two other ETFs shown earlier did the same

TECHNOLOGY SPDR REVERSES LOWER AS WELL... The daily bars in Chart 2 show the Technology SPDR (XLK) also reversing lower in late trading to end back below its 200-day line.  There again, the last red volume bar shows trading picking up today.  The pick up in trading took place during the last hour of trading as prices slid.

SEMIS SELL OFF IN HEAVIER TRADING...Semiconductors  also ended the day badly.  Chart 3 shows the PHLX Semiconductor iShares (SOXX) trading briefly above the red resistance line earlier today before encountering selling late in the day.   The result was a failed attempt to regain its 200-day line.  Today's late selling also took place in heavy trading as shown by today's red volume bar.  I suggested earlier today that the test of 200-day averages by those three tech-dominated ETFs might also tell us something about the staying power of this week's rally.   Viewed in that context, today's late selling has to be viewed as a short-term setback.   The Dow and S&P 500 also gave up all of their earlier gains to close modestly lower.  Tomorrow's trading should tell us if if today's late selling is a sign of more to come.