BIG TECH STOCKS WEAKEN -- DOW RETESTS 200-DAY AVERAGE

John Murphy
by John Murphy,
Chief Technical Analyst, StockCharts.com

BIG TECH STOCKS WEAKEN... Four of the biggest tech stocks are weakening today after several of them reported decent earnings.   And they're weighing on the rest of the market.   Chart 1 shows Amazon.com (AMZN) falling to the lowest level in a month.  Chart 2 shows Apple (AAPL) doing the same.   Chart 3 shows Microsoft (MSFT) also moving closer to its September low.  Chart 4 shows Facebook (FB) falling below its 50-day average and starting to weaken as well.  The only bright spot is Alphabet (GOOGL) which is trading higher today.  Stock indexes are under pressure and appear headed toward a retest of their September lows.   The Dow Industrials are trading below their September low in morning trading and  testing their 200-day moving average (see Chart 5).

Chart 1
Chart 2
Chart 3
Chart 4



Chart 5
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John Murphy
About The Author:

John is a renowned author in the investment field and former technical analyst for CNBC. Considered the father of intermarket technical analysis, his books include “Technical Analysis of the Financial Markets” and “Trading with Intermarket Analysis”. Learn More 

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