Is a Megacap Breakout Coming?

$AMZN $META $ GOOGL $MSFT $AAPL

The generals are on the cusp of breaking out on relative basis to the SPY 0.00%↑ . It hasn’t happened, it might not happen, but this ratio is approaching the post-covid August 2020 high.

We can see who’s fared best since their approximate COVID low -

Only AMZN 0.00%↑ and META 0.00%↑ revisited their covid lows ($META lost another 36% from that point, approximately one year ago).

Only AAPL 0.00%↑ is yet to report for the most recent quarter (11/2). Interestingly, the XLK 0.00%↑ appears to be fading from recent all-time highs of this summer. MSFT 0.00%↑ and AAPL 0.00%↑ comprise nearly half of this ETF.

The one I’m watching most? AMZN 0.00%↑

It’s been the noticeable underperformer since covid lows, but more importantly, it’s been up on volume post earnings last week, is now above its 50 and 200 day moving averages, and has cross some notable recent AVWAP’s.