Nice spot, it definitely has the form of a H&S topping pattern and the volume patterns help to support that case (increased volume on the drops off both the head & the RS down to the neckline). GOOGL parked on the roughly intersecting 200-day simple & exponential moving averages yesterday so needs to solidly take out yesterday’s low to put those key MA’s in the rear view mirror & open the door for more downside.

All of the largest sectors in the S&P 500 closed right on those key yellow uptrend lines I’ve been highlighting (i.e.- support) so the odds favor at least one more minor reaction & essentially, the fact those sectors parked (stopped falling) on those TLs at the close yesterday is a reaction in-itself . To answer your question, if & when those TLs (XLK, XLV, XLF, etc.. are clearly taken out, which I still suspect will be this week, then No; not a one day deal. But again, support is support until & unless broken.

Thanks Randy, Took it and got back short.

..but I was also net short equities at 3:40… in my regular (swing/trend trading/investing) accounts so really a question with two different & opposite answers, I guess but the swing part more relevant to most here. Again, only fractional/starter swing shorts on the indexes at this time with additional sell signals pending/needed to go to a full/aggressive swing short positioning.

3:40 was when I posted that first reply to @Beljrc (…”only 20 min left in the trading day”…) just after reversing in my active trading account but as an active trade that will probably be closed & reversed back to short later this evening or tmrw latest if it works out although that should be irrelevant for swing traders or even active traders as it isn’t possible to follow a day trader or active trader. https://rightsideofthechart.com/stock-market-sector-big-tech-analysis-3-5-24/#comment-31164

actually, max target (or at least my preferred bounce target) is 18030 (so sell limit just below that) instead of the 18050 resistance on /NQ. could continue beyond 18030 but that’s all I’m shooting for

min target /NQ 17098 (very small bounce), max 18050 which would be about 438.50 on QQQ

Not on the swing short positions as if my call (from last week’s video) that the majority of nearby key (yellow) support levels on the key S&P sectors & big tech stocks will get taken out this week but yes, a quick rally into the close off the 433.75 support on QQQ & 17830-17775ish support zone on /NQ could provide an objective reversal (short to long) to attempt a dip-buyer’s bounce rally into the close (and quite possibly into the evening) for an active trade before reversing back to short again. We’re at those support levels now but only 20 min left in the trading day so the turn will have to come soon or the sell programs will keep the Q’s down into the close. Worth a shot for active traders IMO based on the technical posture of the short-term intraday charts but more of a picking up nickles in front of a steamroller trade so nothing to get married to.