Has The Tide Turned For Growth Stocks?

Has The Tide Turned For Growth Stocks?

The stock market opened strong last Monday and closed with solid gains for the day. But just before lunch on Tuesday Federal Reserve Governor Lael Brainard tried to convince the world that the Fed would definitely be aggressive in fighting inflation. The stock market reacted negatively as the S&P 500 closed down 1. 26%. The decline early in the week fueled more selling in the large tech names as well as the financial stocks. Amazon. com (AMZN) was down 5. 6% for the week while the SPDR S&P Bank ETF KBE (KBE) declined by 4. 6%. At the start of 2022, I had focused on the weakness in the tech sector. The weekly chart of Amazon. com (AMZN) had reached the former support, not resistance, line a, the prior week forming a doji. The close this week was below the doji low that generated a doji sell signal. AMZN had a March low of $2671 with the starc- band at $2607. The relative performance RS has been in a downtrend, line c, since 2020 as it has been weaker than the S&P 500. The OBV also shows lower highs, line d, and is below its WMA. The SPDR S&P Bank