$AMD TOP 20
Added 2023-10-25 23:20:28 +0000 UTCSemi's have been taking a hit today and this week as the market digests the Tech Stock earnings and these companies are heavily influenced by these Mega Caps.
As soon as $AMD lost the 200 Day MA, it dropped back into the descending wedge and is looking at testing the previous low again and possibly the 0.5 Fib at $93.50.
This has been a long corrective pull back so far and this is not to be confused with the Wave 4 pull backs from the Mega Caps. $AMD is in its ABC correction.
Lets see how it handles the 0.5 Fib but $META has not helped the market today in spite of it earnings beat and I reckon it is down to there to their continuous spending on the metaverse which is hemorrhaging money, another $3Billion + this quarter.
$AMZN reports tomorrow, again we need this to deliver and we need the market to digest the $GOOGs report properly and realise that they are still performing very well.
Comments
This is me fear. We are of course expecting an ABC market correction at EOY, but they have been accelerated by the events in the Middle East
Steve Cullip
2023-10-26 07:51:50 +0000 UTCAAPL will be last pawn in the game. Then hopefully market will reset and beginning moving positively again. Need the generals to all have some correction then breadth to improve.
Jay
2023-10-25 23:30:09 +0000 UTCwe are now in a situation where the bond market has already largely adjusted but the stock market (at least at the index level) is still elevated. Make no mistake, most stocks have already suffered somewhat - just look at $ARKK $IWM $IWO $SPXEW retailers, utilities etc - they are all flat to down YTD and some are at 52-week lows - but the "Magnificent 7" are still holding up $COMPQ $NDX $SPX for now. In the investment business, nothing is set in stone but history shows that whenever the market's breadth gets extremely weak, the last men standing also get shot and bring down the major indices.
Steven
2023-10-25 23:27:46 +0000 UTC
