Tech is the most overbought since August 2020.
And then it dropped straight line -15% back to the 50 dma. pic.twitter.com/4GI2YPnfEr
— Mac10 (@SuburbanDrone) June 18, 2024
In April, semis rolled over with the rest of the Nasdaq.
This time, the Nasdaq has rolled over while semis have made new highs.
Which will make this explosion much bigger. pic.twitter.com/fLDQulbpRj
— Mac10 (@SuburbanDrone) June 18, 2024
Stocks are going up b/c of strong forward earnings.
Forward earnings are strong, because analysts expect them to grow fast.
Forward earnings are expected to grow fast b/c of a strong economy supported by higher stocks.
…
Actual earnings basically flat for 6 quarters… pic.twitter.com/TFqAVtDRlw
— Bob Elliott (@BobEUnlimited) June 17, 2024