Tech is ready to implode.
The NASDAQ ETF (PowerShares QQQ Trust Series 1 (NASDAQ:QQQ)) has broken its bull market trendline. Even worse, it has failed to reclaim this line despite a strong bounce. This is a MAJOR warning that the upwards momentum is gone.
The next leg down should be a doozy (the target is the red circle on the chart below).
This is a BIG deal for the broader market as even the S&P 500 has seen most of its gain produced by large tech companies such as Apple (NASDAQ:AAPL), Amazon (NASDAQ:AMZN), and the like.
Put simply, if Tech goes… the ENTIRE market will go.
With that in mind, let’s take a look at the big Tech players.
Apple (AAPL): a bearish rising wedge pattern broken after a false breakout to the upside. The stage is set for a bearish reversal.
It’s a very similar story for Amazon (AMZN)
As well as Alphabet (NASDAQ:GOOGL)
And Nvidia (NVDA)
All four of these charts have massive “air pockets” from current levels down to support. This has the makings of a Tech Crash that will take 90% of investors to the cleaners.
But smart investors will use it to make literal fortunes from it.