FAATMAN; Facebook, Apple, Amazon, Tesla, Microsoft, Alphabet, Nvidia, as one unit for the first time in a while, is looking vulnerable.
While the S&P 500 and the Nasdaq 100 made new highs or came close to making new highs, $FAATMAN came nowhere close to its previous high.
These stocks masked a lot of weakness underneath the surface. The major indices were able to print new highs while most stocks were in individual bear markets.
According to Goldman Sachs the five most popular tech names- $AAPL, $MSFT, $TSLA, $GOOGL-contributed 51% of the S&P 500 returns since April.
Those seven anointed stocks are now trading collectively below their 21 and 50 day moving averages—two significant moving averages for the group.
If they sell off these generals, I believe the whole market is vulnerable.
You can view over 400 of my trades here https://www.tradervue.com/shared/users/8059.This information is issued solely for informational and educational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. None of the information contained in this blog constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. From time to time, the content creator or its affiliates may hold positions or other interests in securities mentioned in this blog. The stocks presented are not to be considered a recommendation to buy any stock. This material does not take into account your particular investment objectives. Investors should consult their own financial or investment adviser before trading or acting upon any information provided. Past performance is not indicative of future results.