We’ve seen this pattern repeat at least five times since November where the index plunges through the 50-day MA then soars again as it regains it. While all of the others produced a series of higher-highs, including the record at 7043.00, suggesting real momentum buying, the last two failed to do so, producing swing tops at 7027.25 and 7006.50.Next Few Days Will Tell Us If Sellers Are Starting to Cap GainsWe’re going to be watching the momentum if the 50-day is recaptured or rejected by traders over the nex ...

Core Viewpoint - The tech sector is currently experiencing a selloff, creating opportunities for bargain-hunting among investors, with concerns about macroeconomic issues affecting various companies, from software to consumer internet [1] Group 1: Market Conditions - The selloff has impacted all corners of the tech sector, including heavily affected software stocks and consumer internet companies [1] - Investors are exhibiting jitters regarding potential macroeconomic woes, influencing their investment decisions [1] Group 2: Analyst Background - Gary Alexander has extensive experience in covering technology companies on Wall Street and working in Silicon Valley, providing insights into current industry themes [1] - He has been a contributor to Seeking Alpha since 2017 and has been quoted in various web publications, indicating his influence and reach in the investment community [1]

Core Insights - Ross Stores (ROST) shares reached an all-time high, increasing nearly 8% to over $173, driven by strong sales as consumers seek bargains [1][6] - The company reported third-quarter earnings per share of $1.58, exceeding analyst expectations by 18 cents, with revenue rising 10.4% year-over-year to $5.6 billion [1][3] - Comparable store sales increased by 7%, indicating robust consumer demand [1] Company Performance - CEO Jim Conroy highlighted an "excellent" back-to-school season, attributing success to appealing brand name values and strong growth across major merchandise categories [2][3] - The company is optimistic about the upcoming holiday season, raising its fourth-quarter comparable store sales forecast to 3% to 4% growth, with expected earnings per share between $1.77 and $1.85 [3] - Full-year earnings per share are now projected to be between $6.38 and $6.46, an increase from the previous estimate of $6.08 to $6.21 [3] Industry Context - Ross Stores is part of a broader trend among off-price retailers benefiting from consumers' shift towards value-seeking behavior, as evidenced by similar strong results from competitors like TJX [2][4] - The overall retail environment is showing momentum as value-conscious shoppers drive sales, particularly in the lead-up to the holiday shopping season [6]