March 5, 2024, 10:50 am EST
Collapse of Two More Pillars
The breakdown of two meta technology corporations Apple (AAPL) -3% and Google (GOOGL) -2% served as a warning signal for the coming storm. As mentioned in the earlier article Narrow Market with Fewer Pillars 01/24/2024, the shining moments of Tesla (TSLA) -5% are fading away earlier. Now, more leaders are falling.
There are still some big brothers there: NVDA, META, AMZN, and MSFT but they are also deeply overbought for many months. It is simply waiting for the moment to pull back, in our opinion.
Overall stock markets are still at the record-high area. However, the breadth view is narrow. It means few mega-size (trillions of market capital) painted a bullish picture. The stock market becomes volatile and fast-moving in either direction.
Therefore, following these big names should provide a sense of market direction.
