S&P 500 Is Dependent On Big Tech Beyond Apple

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ValueWalk

S&P 500 took advantage of Thursday‘s technicals, rode Apple Inc (NASDAQ:AAPL) coattails, and shook off positive NFPs while ignoring prior one‘s downward revision. The weak internals though haven‘t changed – it‘s about where this weaker short squeeze (weaker than the preceding one) runs out. Out of these four levels given, I consider the area up to 4,188 as most realistic (followed by 4,209 – and that‘s true unless market breadth takes a dramatic turn for the better – not what I view as a viable scenario. Similar chart for S&P 500 isn‘t as badly looking, but also contains a bearish divergence –…

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