SPX: Distribution phase almost complete?
Updated
Nice H&S topping pattern forming. Next target would be about 2640ish.
The rotation to safety (piling into MSFT, AAPL, GOOG, AMZN) has gotten completely overdone as most are now at/near all time highs....it's about the only thing holding up the market at this point (besides the Fed of course).
Won't be pretty when participants realize that the MAGA stocks are not as disconnected from the overall economy as they have been led to believe.
Who's going to buy their products/services if we're in a global recession/depression? GOOG won't be hit by reduced add spending, people will continue to buy $1000 phones, businesses in default will be buying cloud services, really?
AAPL just announced that Airpod production would be closer to 40 million (in spite of 60 million target 6 months ago). 33% cut in demand folks.
Might be the bulls last chance to get out.
The rotation to safety (piling into MSFT, AAPL, GOOG, AMZN) has gotten completely overdone as most are now at/near all time highs....it's about the only thing holding up the market at this point (besides the Fed of course).
Won't be pretty when participants realize that the MAGA stocks are not as disconnected from the overall economy as they have been led to believe.
Who's going to buy their products/services if we're in a global recession/depression? GOOG won't be hit by reduced add spending, people will continue to buy $1000 phones, businesses in default will be buying cloud services, really?
AAPL just announced that Airpod production would be closer to 40 million (in spite of 60 million target 6 months ago). 33% cut in demand folks.
Might be the bulls last chance to get out.
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Ascending wedge in Nasdaq breaking down. MAGA likely to be leading us lower.
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Broke Neckline. Back up for a test of the neckline.If that fails, should see a swift drop tomorrow.
Buckle up for the ride.
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