Since Mark Zuckerberg pulled the curtain back on the ugly reality of things, the S&P 500’s tech sector has lost over $350 billion in market cap…
Of that, over 60% of the loss in capitalization is due to the four FANG horsemen on the apocalypse…
Nasdaq has broken below its key 50-day moving-average support…
“Sentiment is turning sour in FANG, especially after earnings,” Michael Antonelli, an institutional equity sales trader and managing director at Robert W. Baird & Co, said in an email.
“They are dragging the Nasdaq 100 down by its feet.”
Or to put it another way – there’s tech, and then there’s everything else…
And if tech is losing its faithful followers then that lowly yellow line in BofA’s chart above does not hold much hope for supporting the world’s equity markets – especially as central bank balance sheets start to contract.
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