Unlikely NDX will hold the 50-sma this time

The Nasdaq Composite and the NDX are testing the 50sma today once again. This time may be different. Back on September 5th, a number of big tech names like AMZN and NFLX got hit pretty hard along with the nosebleed stocks like TNDM and SQ. Today they are getting hit again and others like recent IPO SFIX are getting hammered. The market is overdue for a "real" pullback and possibly a correction. Watching for a break of the magenta trendline followed by the 50 ma. I think a visit to the 200sma support level is likely.