We’ve definitely seen a pullback in high-flying, large-cap tech stocks lately.
But the tech bullishness could return if the Fed cooperates by agreeing to lower rates soon.
Further, not every tech stock has fallen.
There are definitely some tech-ish stocks that are doing just fine, thank you.
One of these is Intuit (INTU).
Here’s the chart:
The computer software group is still one of the top 15 hottest groups in the world and if we see a breakout above $674.34, we could see new all-time highs and a big resulting move.
We’ll keep an eye on it.
Happy trading,
— Scott Welsh
P.S. As a reminder, these plays are based on my longer-term Weinstein Stage Analysis method. The chart above uses weekly candles and a 30 week simple moving average. For details on this method, see my explanation on this Ask The Pros episode starting at timestamp 20:45.