High-beta stocks were hit hard on Monday, with the Nasdaq Composite closing lower while the S&P 500 closed flat.

Stocks sold off across the board on higher volume, producing a distribution day in the S&P 500 and Nasdaq Composite.

Super Micro Computer (SMCI) has formed a flat base pattern after breaking out from a bullish consolidation earlier in the year.

The current market rally has lost some steam the past few days, with all major averages failing to extend above last week's high on several attempts.

The S&P 500 failed a breakout attempt above the current range high and sold off, closing in the bottom 25 percent of the day's range. Since volume was lighter on the NYSE, the stalling action did not qualify as churning, but the stalling action is noteworthy.

The S&P 400 is straight up off the lows, forming a V-shaped pattern on the daily chart.

After a weak open, stocks bounced higher in the afternoon before selling off slightly into the close. All broad market averages closed in negative territory, but most losses were limited.

Russia ETF (RSX) may be in big trouble if it can't hold on to a critical support level at $23 on the monthly chart.

The Nasdaq Composite and S&P 500 continue to hold up despite being overbought in the short term.

The Nasdaq Composite stalled above the prior day's high and basically closed flat on the day, while the S&P 500 closed just below the highs of the range.