I'm seeing the 50dma of the Nasdaq rollover which is hasn't done since the end of 2012. Looking at charts of the Nas, S&P and Dow, you can see a de-correlation between the NAS and the two other indices. This is unprecedented going back to 2010. All the talking heads speak of a rotation from momentum/tech, but I don't see any evidence of money rotating "into" anything other than cash - maybe there's some bond and gold buying. Anyhow, I'm sensing this is the beginning of a large move down for the whole market and there is real fear in the NAS which started spreading to the other areas on Friday afternoon. Does anyone really think the Nasdaq would correct all by itself?
The Nasdaq has more issues that were above reasonable valuations. In the early stages of a bull market people do not get concerned about that. Now the market is much more expensive, but not overvalued. It makes sense for the momentum favorites to cool off, and for more attention to be paid to valuations. There is still few alternatives, who wants to buy bonds that pay so little relative to inflation.
Watch moving averages.... that's fooled a lot of us again and again. Just look at trend. Charts are proceeding up, even with doctored news and reports; no place to save for interest, and many brokerages are giving money for new accounts to get more retail investors started. Demand outpacing supply, even with IPO's and share dilusion.