Was Tuesday's downdraft just a shakeout of and a bear trap for short-sellers, or the beginning of further weakness in the FAANGs + 5 Tech stocks that make up FNGU?
Keep an eye on the ROC and the zero level on Chart #1 below. It's shown with an input value of 12 days (its default setting).
So far, only AAPL and TSLA's ROC has dropped below zero. If the others follow suit in the coming days, we may see a big selloff occur in Tech, overall.
Chart #2 shows an ROC input value of 1 day to give you an idea of overactive price movement from one day to the next.
After Tuesday's drop, the ROC on NFLX and GOOG are notable as they approach 6-month triple-bottom lows...FNGU isn't far behind. A drop and hold below this triple bottom on these may negatively influence the others...in particular, keep an eye of FB and AMZN's ROC for any evidence of increasing selling strength.
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