All the major equity markets are under pressure today and the selloff is widespread according to the heatmap below. Reasons for the selloff are being bounced around the media today, including the Delta variant of Covid, hot inflation, etc. etc. But look at the second chart, which is the Nasdaq 100... Here we have a very intact upward channel. The last 4 bars on the right are the last 4 trading sessions, which have been down. But, this is what markets do and when they get to these upper technical levels, they selloff, which is sign of a healthy market. This index could go down another 3 - 5% to hit that blue support level and still be technically fine. Yes, the Dow Jones being down 900 points is an eye catcher but the bigger picture says this is what's supposed to happen. The bounce back will be the fun part.