Top of the Pops and The Piano Man

The nature of the beast means the QQQ and the top 5 underneath holdings will ebb and flow in near unison.  Today the top of the pops got hit bringing the QQQ and its top 5 holdings to a near 1::1 relationship.

QQQ Top 5 Holding

In addition the piano man was raked over the coals as stocks that were holding up well had their wings clipped. 

MLAB

PAYC

In addition to MLAB, PAYC, stocks such as: CYBR, ADBE, HUBS, PCTY, TEAM, COUP, ZEN etc...  were dinged hard.

While this was unfolding across many names that have held up well, there is a potential silver lining under the surface.  For one, stocks above their 20 period moving average actually had an upside bump today.

$MMTW

And perhaps more peculiar given the underlying circumstance with high flying stocks selling off hard is the number of highs over lows having an upside bounce as well.

New Highs - New Lows

This may be tapered exuberance in stocks that have held up, particularly in the software sector,  and a rotational move into other industries.