Guarded from Danger

The ongoing issue for this market is whether glamorous Nasdaq growth leaders will continue to be shielded from broad market volatility and some of the carnage we are now seeing in financials. 

Specifically, AMZN CMG FB GOOGL PCLN TSLA UA are not only barely lower this morning, but have suffered very little, if no, technical damage in the face of the broad market swoon last month. Going forward, the fate of the market at-large may very well hinge on whether the above names are going to lead us higher into year-end, or instead eventually succumb to pressures with earnings season approaching. 

In addition, biotech is another multi-year stalwart which has shown some relative strength since the August sell-off. 

On the hourly chart of the sector ETF, below, if yesterday's intraday fade was truly a "bull trap," or false breakout, then I would expect an imminent breakdown in order to cement said trap.

Otherwise, we may be in store for more choppy, trendless action.