Tech Watch

The big tech names are seeing some follow through in the profit taking this week. This is an ordinary retracement at this stage and much needed. There is no point looking at PE ratios of these stocks because they have been of very little use historically. One week does not give us any evidence. A top forms over a number of weeks so you can’t go making assumptions. Price is well above the weekly kijun sen on all of these stocks so dont panic just yet. When the market has been quiet an ordinary move in the markets can appear to be much more than it is.

VXN daily is showing a range breakout but that will likely be it for now.

QQQ weekly has seen heavy put option volume which is an expectation of downside but price is still above supertrend at this stage.

FB weekly also above supertrend. Could expect a retrace back to the kijun sen.

AAPL weekly retrace to support. The weekly MACD is just crossed down so could see retrace back to the kijun sen.

AMZN weekly possible retrace to the kijun sen

MSFT weekly still in solid uptrend.

NFLX weekly possible retrace back to kijun sen.

GOOG weekly possible retrace back to kijun sen.

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