Techs Nosedive

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News Buzz

• Disappointing numbers from Google and Tesla hurt sentiment toward the Magnificent 7 stocks as Nasdaq had its worst day since 2022.

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SPX Monthly – Shooting Star

• In the past 10 days, I have posted the daily and weekly charts of major indexes indicating topping formations and reversals.

• Also, for a few months, I have been posting LT technical, sentiment, and overvaluation indicators for Major US indexes, some of which were one-in-100-year indicators.

• The chart below shows a “shooting stark” candlestick pattern on a monthly SPX chart. A very strong bearish formation.

AVAGO

• Another tech/semiconductor stock, AVGO, is ripe for selling.

• What is the structure off the top? A very bearish black (i)-(ii)-i-ii, or blue leading diagonal?

• We should know soon. It got below 50D MA, but not by much. Continuing down and below the gray channel would suggest bearish wave iii of (iii).

• The selloff in techs is not limited to Magnificent 7.

Yesterday’s Poll Results

Do you own TSLA?

Yes or No?

🟨🟨⬜️⬜️⬜️⬜️ Yes (28%)

🟩🟩🟩🟩🟩🟩 No (72%)

via @beehiiv polls

Follow BraVoCycles on X

• Consider following me on X (former Twitter) for your benefit. My posts in the newsletter and on X go like “hand in glove.” Below is an important timely post on X from Tuesday afternoon that showed an open target for NDX that was satisfied on Wednesday.

Market Summary

Market Data

As of close on 5 pm EST on 24 July 2024.

What Has Been

• A “tech wreck,” led by overvalued Magnificent 7 and other tech stocks, was not unexpected. I have been persistently warning about it for the last two weeks and even earlier.

• The world markets, US, Asia, and Europe, had a red day, unanimously.

• Dow declined 504.22 points or -1.25% to 39,853.87.

• S&P 500 declined 128.61 points or -2.31% to 5,427.13.

• Nasdaq declined 654.94 points or -3.64% to 17,342.41.

• Russell 2000 declined 47.89 points or -2.13% to 2,195.37.

• VIX surged 23% to 18.13.

Premium Content

What is Next

• This is just the beginning of a bear move, IMO, bounces non-withstanding.

• You know my MT and LT outlook. Looking . . .

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