Good morning,
No major theme to this week, but there are a lot of big moves happening, so I tried to be short on words, and heavy on the charts.
Certainly, from an index perspective, I think it’s right to start with the weakness coming from technology. Last week’s report highlighted AI plays that were breaking out, but reiterated a skeptical view of memory names. Those stocks and some other important semiconductors are breaking down this week, so we’ll start by highlighting some of the weakest.
We’ll also look at:
Three of the worst financials earnings reactions
Top ways to play the breakout in healthcare
Energy, energy, energy
and more!
Chip weakness resuming
Western Digital finally loses the 200-day
Been on this for months and we’re already down 50% from the highs. But with this support break, you could make the case that it just topped.
Micron fails to hold its breakout
SanDisk loses its 50-DMA
That small move to next support at the 200-DMA is another 16% of downside from current levels.
200-day turning from support into resistance for Broadcom
A break of this short-term uptrend line and the next stop likely starts with a “2”.
