Most Cannot Avoid This Confrontation

Between GPRO, now MBLY, not to mention NFLX, more and more momentum darlings are starting to succumb to the broad market pressures we saw over the summer. Beyond that, even just last night we saw wild swings in the ES futures markets. 

Typically, in a benign bull market correction we see many leading growth stocks withstand the market selling fairly well, since they have a strong institutional bid underneath them ready to support them at a moment's notice.

In this particular market, leaders like AMZN CMG GOOGL PCLN TSLA UA are currently in the process of deciding whether to follow fallen leaders lower, or rather piggyback us higher into autumn, since those issues are holding up rather well, suffering not much technical damage. 

Still, when we see base breakdowns like LULU, below on the daily chart, it does smack of the harsh selling in GPRO and company spreading elsewhere. 

One thing is for sure, as long as we have the overnight volatility it is going to be tough for most stocks--even the leaders--to avoid confrontation in this market.