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.
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