Apple, Google & Tesla All Down

March 7, 2024

Last year's leaders keep falling one by one.

Apple fell yesterday, again, to break down to new 52-week lows relative to the S&P500.

You're seeing similar behavior from Google and Tesla as well.

I was asked if this rotation out of the former leaders is a good thing.

My answer is that it's only a good thing if you're short these names.

I can't imagine what else would be "good" about this for investors.

Also worth noting are the bearish momentum divergences in Consumer Discretionary.

This sector was a market darling for over a decade, consistently outperforming anything else in its way.

Discretionary is now pushing down against new 52-week lows, relative to the rest of the market.

Here's what Consumer Discretionary looks like on an absolute basis.

Those momentum divergences really pop.

And we're seeing them in both Large-cap Discretionary and Small-cap Discretionary.

So no, it's not just Amazon or Tesla that is holding back this group.

It's the group itself that's the problem.

We discussed this all, and everything we're doing about it, on our Monthly Charts Strategy Session this week.

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