Short of a miracle, it sure looks to me as if the mega cap stocks that fueled this 2 year rally have lost their fuel and are head down, and possibly in a big way this year. The trading channels are very clear for this ETF. You can see where they lost the steeper bull channel, retested it, and now has lost it (likely for good).
Nice crayons. AAPL's privacy strategy hurts the ad-selling companies (GOOG, FB), but I'd be very surprised if MGK falls below 180/share.
Dr_Roboto
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@millennialcornflake, my current expectation is the $185 area. It should see very strong support when/if it reaches the center line of the blue channel.
vychod
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question is ... where the bottom is... and what FED will do with this ?
Dr_Roboto
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@vychod, my guess is it will end up at least testing the blue center line and don't be surprised to see it cross the orange line I drew. The orange line is the price when the price left the blue channel. From what I can tell from history, this is often a price that gets retested at some point.
If things go really bad, this is the lowest I see.