Tech Stocks Show Cracks as Apple Slumps, Risking Pullback for Broader Market
• Tech stocks like the Magnificent Seven have driven market gains, but cracks are forming as names like Apple underperform • Invesco's QQQ ETF tracking the tech-heavy Nasdaq 100 is up just 8% in 2022, while Apple stock is down • BTIG technician Jonathan Krinsky sees a shakeout coming for big tech stocks after little downside volatility • Apple exhibiting rare technical setup, with negative momentum while broader Nasdaq remains positive • More indicative of a short-term pullback rather than a major market top; sets up retest of breakout level on S&P 500