Recently, the big cap tech names have been consolidating. That seems about to change as “MANGA” names are leading today’s rally and are pushing up to the top or above prior ranges.
Some nice moves higher as Netflix (NFLX) was the star of its own show. Earnings report last night published more than 200 million subscribers.
GOOGL is also kicking higher and breaking above the prior range.
Microsoft (MSFT) has moved sideways since July. It won’t take much to blow out the top.
Amazon (AMZN) has also been sideways since July. As the pennant builds out to the right, this looks set up to break out again.
Apple (AAPL)’s SCTR has shown the weakest level since 2nd quarter 2019. Apple has been consolidating since August.
With the whole group leading the Nasdaq today, and one of the five breaking out to new highs, are we reverting to these big cannons for leadership once again? Netflix blew away subscriber expectations and Alphabet had a massive quarter in October. Seeing all five having their SCTRs drop below 75 is surprising, but it is really surprising that all 5 SCTRs were at 52-week lows a few days ago. It has been a long, long time since that happened last.
If that weakness on the SCTR is about to change and restore their typical strength, these large cap bulldogs will lift the Nasdaq a lot higher in the near future, and Alphabet leading the surge to new highs suggests it might be upon us right now.