Technology stocks just flashed their first sell signal since just before the market peaked in November 2021
As those mega-cap tech giants falter, more defensive sectors which have floundered since the start of the year are starting to perk up, signaling that a potential rotation among investors out of risky stocks and into more stable companies is materializing.
Such a drop makes sense given the sharp rebound in tech stocks so far this year, with the Nasdaq 100 up about 15% year-to-date, which is five times the gain seen in theover the same time period. Shares of Nvidia are up 79% year-to-date, while Amazon and Microsoft are up 15% and 14%, respectively.
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