Just a quick tech charts of interest. If anything is going to be a warning in the U.S. markets it should be tech stocks. The reason being that so few stocks are doing all the heavy lifting. When you learn logic, they tell you that all salmon are fish, but not all fish are salmon. Unfortunately that type of logic does not apply to the current stock market conditions. In this type of condition you must use deductive reasoning, otherwise known as top-down logic.
“Once you eliminate the impossible, whatever remains, no matter how improbable, must be the truth.”
NDX weekly never even looked close to being in trouble last week. In strong uptrend. VXN (Nasdaq VIX) is well below the red critical line.
QQQ weekly holding above the pink 9 MA. Would have to get below the blue 20 MA before even looking at bearish evidence.
XLK weekly tech sector fund is in strong uptrend.
FANG composite index v NDX daily on the left. FANMAG stock comparison on the right.
SMH 4hr in a pennant type of pattern.