With today's 61-point loss to 2,574.46, the Nasdaq Composite Index is back at a drop of 10% from a recent high.
Technically, that means the index is in a correction. What it really means is that the recovery off lows reached on Nov. 26 is basically done.
The Nasdaq has had two corrections this year alone. The first was from mid-July until the middle of the day on Aug. 16, when the market abruptly -- and violently -- turned higher.
The second started after the index hit a 6-year high of 2,859.12 on Oct. 31. It dropped to a low of 2,540.99 on Nov. 26, rebounded back to 2,652 and fell back again.
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