Large-cap technology stocks have been bull-market leaders, pushing the stock market higher into 2020. One of those leaders has been Advanced Micro Devices (NASDAQ:AMD).
But investors were not impressed with AMD's financial outlook this week and sent the stock lower.
While this isn’t good news for stock-market bulls – at least as of right now.
Looking at the monthly chart for AMD, we can see that this move lower is coming after testing breakout price resistance (at old highs). And this turn lower may be contributing to a bearish reversal pattern.
Stock bulls are hoping that AMD breaks out here instead of topping.
There’s plenty of time left for bulls to defend this price reversal and send the stock to new highs. But investors need to stay tuned.