📺 Big Tech Earnings Disaster — Is This What Breaks The Market? Please ❤️like and 🔁share with fellow growth stock investors @TedHZhang notes that the market remains in a short-term pullback, but the real concern is the growing divergence between broader market strength and collapsing Big Tech leadership. Weak earnings from $AMZN, $INTC, $TWLO, and the negative reaction to $GOOGL are putting renewed pressure on an already fragile recovery. * Short-term trend remains neutral, with the S&P 500 $SPX / $SPY and $RSP holding above their 21-day EMAs. The medium-term trend is still red, although the S&P 500, $RSP, Dow $DIA, and mid-caps $MDY have reclaimed their 50-day moving averages. All major indexes remain above their 200-day moving averages, keeping the long-term structure intact. But beneath the surface, the warning signs are growing again. * The S&P 500 found support at its 20-week moving average and may be building a base, but it continues to get rejected at descending trendline resistance. Meanwhile, $RSP has rallied for four consecutive weeks after finding support at its 30-week moving average, demonstrating much stronger participation outside mega-cap technology. The Dow has also posted four straight positive weeks but is approaching resistance. Mid-caps $MDY have reclaimed their 10-week and 40-week moving averages, while small-caps $IWM are struggling near their declining 10-week average. Both still face relative-strength challenges. The Nasdaq $QQQ is the biggest concern. After rejecting its 10-week moving average, it's gapping lower again and threatening to break this week's lows and its 30-week moving average. Technology leadership is deteriorating rapidly. $MAGS has now closed below its 10-week moving average twice and is officially failing its recent breakout following the negative reaction to $GOOGL earnings. That's a significant warning for the broader market. * Earnings on Thursday are making matters worse. $INTC reported 21% year-over-year revenue growth and 126% earnings growth, yet shares are plunging nearly 19%, entering a Stage 4 downtrend below all key moving averages. $AMZN reported revenue in line with expectations but missed earnings, despite the Anthropic-related gain. Shares are falling roughly 5.75%, raising the possibility of a prolonged Stage 4 decline similar to 2022. * Elsewhere, the U.S. dollar remains strong and could make new highs, while $GLD and $SLV continue trending lower. $IBIT is pulling back again, although its rising intermediate-term moving averages remain constructive. Bonds are telling another story. $TLT has rallied for four consecutive weeks while the 10-year Treasury yield has declined for four straight weeks. Meanwhile, $VIX remains relatively subdued near 16.46. * Yesterday's PCE inflation came in line with expectations but remains above the Fed's 2% target, adding another layer of uncertainty. * So, we're bouncing between the bull and bear cases. Market breadth is improving, but Big Tech leadership is breaking down. If the Nasdaq loses its 30-week moving average and selling spreads beyond technology, this fragile recovery could unravel quickly. Can the broader market withstand Big Tech's earnings disaster, or is this what finally breaks the rally? * Watch this Short video where @TedHZhang breaks it all down in detail 🔽