Lonely Mega Cap Tech Play:
There has been incessant chatter about how a few select technology behemoths have been responsible for a big chunk of the major index’s gains. Truth be told the best breakouts work right away so if one was to go by that the action in GOOGL is a bit concerning after a cup with handle breakout on 4/6 is not acting as bulls would like, no beneath the 106.69 pivot. Microsoft is defending its break above the bull flag pivot of 280 well and AAPL is still swimming above its bullish inverse head and shoulders breakout. In the semi-space NVDA and AMD are both comfortably above their 50 and 200-day SMAs, the latter testing the break above the cup base pivot that aligned with the very round 90 number after being stopped hard at par on 3/23. Below is the chart of AMZN and it has not been talked about as much as AAPL MSFT and GOOGL, and for good reason, as it has lagged. This move below 98 I think could accelerate to the downside, and do not expect much negative discussion. The market has done just fine without its inclusion.