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The market is facing multiple key tests in the charts right now, especially tech stocks


Traders on the New York Stock Exchange.

Source: NYSEa

Tuesday’s sell-off, centered in tech and other high-flying stocks, could signal a test of whether the broader market will withstand the selling pressure or enter an extended period of choppiness.

The Nasdaq declined 1.9%, while the S&P 500 slipped 0.7%. The Dow closed flat, up about 19 points after trading lower during the day.

Market technicians point to a number of important technical moves that could indicate a more volatile stretch for stocks. Some key levels held and the market was rebounding slightly on Wednesday, but it’s not clear the test is over.

For one, the VIX, the CBOE’s Volatility Index successfully tested its 50-day moving average at around 20.

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