Tech Rally In Jeopardy? Key Chart Levels To Watch Now

This episode is a chart-driven market wrap focused on whether the tech rally can keep extending or is starting to stall. Drew Dosk opens by noting mixed index behavior: SMH made new all-time highs while the Qs and SPY faded slightly, and he ties that divergence to an important macro week with core PCE on Thursday and Micron earnings Wednesday after the bell. His core thesis is that traders may start trimming risk into potentially hot inflation data, with higher rates and higher yields acting as the main pressure point for equities. On the broad indices, he says SPY’s intraday action was not a clean bullish continuation because selling hit around the 10:10 candle and the rest of the day drifted lower. Still, he emphasizes that the daily candle structure has not broken yet because price remains contained within Wednesday’s large red candle. …

1. The setup is tactically cautious: tech remains strong, but the market is testing whether momentum can survive higher yields and inflation risk.
2. Core PCE and Micron earnings are the main near-term catalysts he expects to move price action.
3. SMH strength is real, but the hanging-man candle makes semis look extended and vulnerable to a sharp pullback.
4. The 10-year yield is the key macro variable; a breakout above recent resistance would pressure equities.
5. He sees multiple technical bounce or breakdown setups in single names, especially Netflix, SMCI, PLTR, WDC, and Microsoft.
6. His framework is chart-first and level-driven, with macro commentary mainly used to justify the technical read.

• He implies a hot PCE print is likely, but gives no direct evidence beyond recent inflation prints and price action.
• The oil commentary assumes a Middle East deal is fragile, but that claim is not substantiated with specifics.
• The Microsoft measured-move target to 160 is a very large extrapolation from a tentative weekly pattern and may be overstated.
• He treats several one-day candle patterns as meaningful reversal signals without much confirmation beyond prior analogies.
• Some level references appear inconsistent or verbally imprecise, so a few exact thresholds may be hard to verify from the transcript alone.