What’s wrong with tech

Monica Kingsley Monicakingsley

Nasdaq underperformance of ES was clear throughout the day as heavy selling that started with South Korea continued all the way into the opening bell. Relief rally failed, twice actually, forming a head and shoulders on 15min chart that I pointed out to clients in its progression, and called for its neckline break before that happened.

This lower time frame must be put into context of daily reversal and breach of several bullish markers associated with an almost straight up rally continuation. Is the market duly fearful of MU earnings, and what that would mean for hyperscalers, capex and the whole AI trade?

Author

Monica Kingsley

Monicakingsley

Monica Kingsley is a trader and financial analyst serving countless investors and traders since Feb 2020.

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