2/5/26 Recap

Tech stocks are in a continuation of yesterday and the move after the close below the 100 day yesterday shouldn’t really shock any of you. This is officially a downtrend for tech stocks, you can see the 8/21 crossover above to the downside 3 days ago and while things are firming up a tad now this really probably doesn’t end until we test that 200 day whether its down at 580 or we go sideways for a bit and it comes up first. Of course it won’t be a straight line down, there will be bounces but until we see a reclaim of the 21 ema way up at 620 and sloping down, we’re in a downtrend. What would save this market now? All the megacaps but AMZN and NVDA have reported, Google had a strong report and boosted capex into the stratosphere and that still didn’t change much. This is just a complete wrecking of levered longs and you’re seeing it in crypto, metals, and tech stocks where everyone is levered up. Silver down 15% today, bitcoin down 8% are showing you where the blowups are happening. So I wouldn’t look at this as a fundamental blowup, but more of a technical one with things just accelerating to the downside after a major breakdown of tech stocks,metals, and crypto all at once. Those led the way up and they were all so crowded that they wiped out many on the way down.

Top Gainers From Yesterday’s Recap

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