Here are some stats to consider when you hear the pundits tout tech as the safe haven.
45 of the 100 NDX stocks have 200 DMA that are already declining (they are in intermediate to long term down trends).
56 of the 100 NDX stocks are below the 200 DMA.
68 of the 100 NDX stocks have a declining 50 DMA (short to intermediate term down trends).
67 of the 100 NDX stocks are below the 50 DMA.
and last but not least 50 of the 100 NDX stocks have 50 DMA that have crossed under the 200 DMA.
Of the 33 stocks above the 50 DMA only 14 of them are what I would consider strongly above (making new highs) and 5 of those 33 stocks above the 50 are still below the 200 DMA.
This doesn't paint a pretty picture for tech being a safe haven for investors with only 14 stocks in strong technical positions.
1 week ago