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Home>UPDATE: Why tech bulls need to step up big time today

UPDATE: Why tech bulls need to step up big time today

UPDATE: Why tech bulls need to step up big time today


By Barbara Kollmeyer, MarketWatch

Critical information for the U.S. trading day

Come out, come out, wherever you are -- tech bulls.

As North Korea jitters appeared to fade just a smidgen overnight, expect lots of attention to focus on the tech sector this morning, which got hit yesterday. Facebook (FB) , for example, had its biggest one-day percentage drop -- 4.5% -- since March 2016, and Apple (AAPL) logged its fourth-straight down day (http://www.marketwatch.com/story/apple-sheds-over-55-billion-in-market-cap-since-iphone-event-2017-09-25).

There's the mere hint of a rebound building for today, with shares of Apple and Facebook among those on the rise. Our call of the day from Colin Macleod at Intraday Trading Signals says "bulls need to buy the dip" or a tech selloff could really take hold.

This post-U.S. election market has been peppered by some pullbacks, which seem to never last long as investors step in and try to pick up stocks a little bit cheaper. Given the tech-laden Nasdaq's 18% gain year-to-date, some analysts have been particularly wary about tech prowess in this market.

Read:Get ready for the stock market's October surprise (http://www.marketwatch.com/story/get-ready-for-the-stock-markets-october-surprise-2017-09-26)

In a video recap, Macleod provided a breakdown of yesterday's action and some key levels that investors should watch in order to see if the bulls will indeed defend this tech sector going forward. And while not everyone is a chart geek out there, when markets throw curveballs, technical analysis can offer useful guidance.

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