“Tech Tantrums” And “FAAMG FUBAR”: More Striking Visuals

Monday is a day when you are going to be seeing a whole lot of charts about tech.

Indeed, all anyone is talking about this morning is the tech rout gone global and whether Friday’s FAAMG FUBAR was an isolated event or a sign of things to come.

If you need to get caught up, here are three posts that should help:

For those interested in still more visual context, consider the explosion in the difference between Nasdaq implied vol and S&P implied vol across multiple tenors:

VolNasdaqVsS&P

And then there’s the sudden spike in the ratio between XLF and XLK (i.e. a reversal of financials’ underperformance versus tech):

Ratio

And here’s the exodus from XLK on Friday:

FLows

[Charts: BBG]

Finally, for those who enjoy tarot card reading, here’s the technical picture via BofAML…

Tech takes a timeout near its March 2000 peak. S&P 500 Technology nearly tested its March 2000 intra-day high of 988.49 on Friday’s probe to 987.31. This is as good a place as any for a “Tech timeout” or perhaps even a “Tech Tantrum” within the sector’s much larger bullish absolute and relative price trends. The risk is that last week’s bearish outside week down triggers a deeper drawdown below first support at 930 toward the next chart support at 912-888, which is backed up by bullish 26/40-week MAs.

BofAMLTech

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