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This chart signal says stop buying megacap technology stocks

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The recent pullbacks in megacapitalization technology stocks have now gone far enough and lasted long enough that they have triggered chart signals warning investors that at the very least, don’t buy these stocks on the dip.

The chart signals are being flashed by the widely followed 50-day simple moving average, which many on Wall Street use as a guide to the short- to intermediate-term trend. The most forceful of the warnings apply to three of the four biggest companies by market capitalization, which have helped drive the rally in the broader stock market since the March lows: Microsoft Corp.
MSFT,
-1.24%
,
Amazon.com Inc.
AMZN,

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Source marketwatch.com

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