Hey everybody, Dave Bartosiak with Trending Stocks at Zacks.com. Is this end? Are the four horseman of the apocalypse mounting up? Have pigs begun to take flight? Will Cleveland win the World Series this year? Will the Bears get a quarterback? Is the run in tech stocks officially done?!
The answer to all these questions is No. While the market may feel like it’s in freefall on some days, with tech leading the way down, this is not the end of the world. You can stop shaking your fist at the sky and screaming at clouds. Rather, we’ve just got a little downturn which should be met with buying, not panic.
Let’s take a look at a few tech stocks to see what it is I’m getting at. First, I want to draw up two important moving averages here, the 50 and 200-day. Then, I want to pull up the NASDAQ Composite. Note how the index is stuck beneath the 50-day but still north of the 200. I call this “No Man’s Land.” It becomes a sort of Battle of the Bulge between the bulls and the bears.
Now for a few of our favorite components of the index, Tesla and NVIDIA…
CHECK OUT THE VIDEO FOR THE ANALYSIS
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