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.
Welcome and thank you for visiting!
The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
* My posts are also re-published by several other websites and I have no control as to when their editors do so, or for the accuracy in their editing and reproduction of my content.
* In answer to this often-asked question, please be advised that I do not post articles from other writers on my site.
* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.
DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...
UPCOMING (MAJOR) U.S. ECONOMIC VENTS...
* Fri. Oct. 4 @ 8:30 am ET ~ Employment Data
* Wed. Oct. 9 @ 2:00 pm ET ~ FOMC Meeting Minutes
* Thurs. Oct. 10 @ 8:30 am ET ~ MoM & YoY CPI & Core CPI Data
* Wed. Oct. 16 @ 8:30 am ET ~ Core Retail Sales & Retail Sales
* Wed. Oct. 16 @ 2:00 pm ET ~ Beige Book Report
* Wed. Oct. 30 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts and @ 2:30 pm ET ~ Fed Chair Press Conference
*** Click here for link to Economic Calendars for all upcoming events
NOTABLE POSTS WITH IMPORTANT UPDATES...