$MSFT Downtrend Continues as XLK and MGK Drive Broad Tech Selloff

jfsrevg
04-01

$Microsoft(MSFT)$ — Bearish Flag Breakdown Extends Into Third Week After Divergence

After leading the initial breakdown, $Technology Select Sector SPDR Fund(XLK)$ & $Vanguard Mega Cap Growth ETF(MGK)$ intensified downside pressure as heavyweight $Meta Platforms, Inc.(META)$ $NVIDIA(NVDA)$ $Alphabet(GOOGL)$ $Tesla Motors(TSLA)$ $Amazon.com(AMZN)$ rolled into 6–9 month low breakdowns in their respective chart patterns that was highlighted on 22nd march post market

$MSFT is now sitting at a major 2-year support around the $350 region after erasing off $300B in market cap in 2 weeks, aligning with key support level on megacap growth proxy $MGK. In the near term, the odds don’t favor chasing late shorts here, better to wait for a bear rally bounce into the declining 10-MA before initiating/adding to current shorts/inverse long.

Market Cap $2.6T | ADR: 2% | Avg $ Volume: $14B

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