Technology Sector Extending Losses

The Technology sector is continuing to weaken throughout today's trading session, currently down 1.8% on the day. The weakest stocks in the S&P Technology Sector currently are 1) Autodesk ADSK: Shares of Autodesk are currently trading down 3.9% from yesterday's close to $36.43. The stock has dropped 20.9% since hitting a 52-week high of $26.15 on May 13th. 2) MEMC Electronic Materials WFR: Shares of MEMC Electronic Materials are currently trading down 3.6% from yesterday's close to $8.76. The stock recently hit a 52-week low of $8.52 on June 10th. The stock has lost 24.5% since the beginning of May. 3) Cognizant Technology Solutions CTSH: Shares of Cognizant Technology Solutions are currently trading down 3.5% from yesterday's close to $68.02. The stock has lost 18.5% since hitting a 52-week high of $83.48 on May 2nd. The stock is now trading below its 200-day simple moving average (one year daily chart) for the first time in the past 52-weeks. 4) Citrix Systems CTXS: Shares of Citrix Systems are currently trading down 3.5% from yesterday's close to $78.67. The stock broke below its 50-day simple moving average (one year daily chart) in today's session. A double top formation appears to have taken shape on a one year daily chart. 5) Corning GLW: Shares of Corning are currently trading down 3.2% from yesterday's close to $17.91. The stock's 50-day simple moving average is close to crossing below its 200-day simple moving average (one year daily chart), which is a technical bearish indicator known as the “Death Cross.” Strength in the sector: The following stocks are putting in gains despite overall negative sector performance: 1) NetApp NTAP: Shares of NetApp are currently trading up 1.3% from yesterday's close to $50.55. The stock broke above its 50-day simple moving average (one year daily chart) in today's session. 2) Novellus Systems NVLS: Shares of Novellus are currently trading up 0.5% from yesterday's close to $34.33. The stock has found strong support around the $33.30 area.