As just about every asset in existence has spent 2021 making daily lifetime highs – – be it lumber, Ethereum, Google, Bitcoin, or anything else you can name – – tech stocks have recently been losing their steam. For example, below is the NASDAQ 100, paired with tacoflyer’s moving average trio, and you can see how over the past three weeks we’ve basically stalled out. I would also note the shortest-term moving average has done a U-turn and is threatening a cross-under of the middle moving average. (These tend to be lagging indicators, just like all indicators are, so waiting for the crossover may be prudent, but it also means a good chunk of the move is probably over).