Many charts out there in tech land look like N or P, insofar as staging grinding, multi-month rallies after suffering technical damage earlier this year.
You can plainly see both stocks, below, on their daily charts having pushed higher for a while now despite being unable to negate the damage sustained earlier this year entirely. Similar comments apply to AMZN YELP, for example.
Given that a new earning season is upon us, I suspect the market’s reactions to the looming reports will give us true insight as to whether these stocks are now shorts, playing for rollovers from assorted lower highs, or if we will get that melt-up into the end of summer.
For now, these charts are neutral at best with the easy money off the lows having likely already been made.
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