Another crack in the wall

24.04.2018 / 22:09

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Market tops are a process, not an event. And here's another argument to be added to the idea that a stock market top is unfolding. After rebounding from two tests of 200-dma support this year, Apple and Alphabet are back below that trend line with today's weakness. They join Facebook which has made only marginal progress in erasing its data scandal-induced decline.

Amazon and Netflix are in a stronger position, though here too the first cracks are reopening. AMZN is back below its 50-dma while NFLX is just barely above that first level of support. AMZN reports earnings later this week, so it has a chance to turn the tide. For its part, NFLX has given back all of its 9.2% post-earnings rally.

Source: Bloomberg Pro Terminal

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Another crack in the wall

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