[Video] Ominous Signs Across the Tech Sector

Price action on the Nasdaq 100 printed several bearish clues recently, leaving one key level for bears to conquer to confirms its next leg lower.

Charts (1)


In today’s video we also take a look at Tesla (TSLA) and Apple (AAPL), for a closer look ‘inside the index’. Of course, these markets are likely to be highly correlated, especially if sentiment has truly soured. But we can use a combination of such markets to assess the likelihood of a larger sell-off, or bullish reversal. And, as its inflationary fears that has weighed on the tech sector, then its also prone to a bounce should those fears quickly recede (and we should emphasise the word ’if’ on that one).

S&P 500: Market Internals

S&P 500: 4188.43 (-1.04%), 10 May 2021

  • Utilities (1.013%) was the strongest sector and Information Technology (-2.53%) was the weakest
  • 8 out of the 11 sectors outperformed the S&P 500
  • 6 out of the 11 sectors traded lower on the S&P 500
  • 226 (44.75%) stocks advanced and 274 (54.26%) declined
  • 91.29% of stocks closed above their 200-day average
  • 77.82% of stocks closed above their 50-day average
  • 68.91% of stocks closed above their 20-day average


  • + 6.82%   -  Viatris Inc  (VTRS.OQ) 
  • + 3.88%   -  Live Nation Entertainment Inc  (LYV.N) 
  • + 3.02%   -  Becton Dickinson and Co  (BDX.N) 


  • -7.33%   -  Align Technology Inc  (ALGN.OQ) 
  • -6.99%   -  Lam Research Corp  (LRCX.OQ) 
  • -6.90%   -  Qorvo Inc  (QRVO.OQ) 

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