A brief morning pop in technology stocks evaporated Tuesday, leaving chip names and leveraged ETFs deep in the red as sellers reasserted control and snuffed out any hope of a sustained recovery. 

The intraday pattern was unmistakable, an early bounce, a rejection at resistance and a hard fade that accelerated into midday.

AMD stock is sinking. See the chart and price action here. 

Some experts pointed to a rotation out of tech stocks as investors gather capital ahead of SpaceX's market debut on Friday. 

"I think everybody's a little nervous ahead" of the SpaceX IPO, Jay Hatfield, CEO of Infrastructure Capital Advisors, told CNBC.  "I think we're going to be choppy until we get that behind us."

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Chip Rally Fades 

The Direxion Daily Semiconductor Bull 3X ETF (AMEX:SOXL) was the session’s most visible casualty, plunging $34.73 or 16.43% to $176.71 after tagging a session high of $231.01 at the open. The sheer range, nearly $55 from high to current price ...