Whilst the main market broke marginal new highs, before retracing lower, there was some real carnage amongst the momo stocks. Facebook (FB) and Twitter (TWTR), closed a very significant -5.3% and -3.8% respectively. Near term outlook looks weak.
*yes, I'm highlighting the TWTR yet again, but then, it sure is an entertaining one to watch.
FB closed the day on what is pretty important rising support. A weekly close <$59 would be pretty bearish, and portend for a test of the 200 day MA...approaching the big $50 threshold.
TWTR remains especially weak, below the old $50 floor, and seemingly headed for $40/38 in the near term.
Indeed, it remains pretty interesting to see many of the momo stocks get trashed, despite the broader market making new historic highs.
An early warning of trouble for the broader market this late spring/early summer?