CNBC's Jim Cramer expects the biggest names in tech will soon present buying opportunities.

On his daily stock show Tuesday, Cramer said investors waiting to buy into the so-called FAANG stocks and Microsoft — some of the most valuable companies on the S&P 500 — should be prepared to place orders for shares.

"The charts, as interpreted by Katie Stockton, suggest that Facebook, Amazon, Apple, Netflix, Google and Microsoft, are ready to roll higher after yesterday's beatdown for the broader averages," the "Mad Money" host said.

Stockton, the founder of Fairlead Strategies technical analysis firm and a frequent guest on CNBC, is seeing optimistic signs in their stock trajectories, especially coming off Monday's broad market sell-off. The S&P 500 slid for the second day in a row Tuesday, down 2.15% from 3,465.39 Friday, as new coronavirus case counts rose.

Cramer turned to Stockton for her 20 years of experience charting market moves. She's feeling sanguine about the stocks, which are all up double digits this year compared to the 4.95% gain made in the broad index they trade on.

Looking at a daily chart mapping out the market action, Cramer pointed out that the stochastic oscillator, which is an indicator used to measure overbought and oversold conditions, shows that the group of stocks are near short-term oversold territory for just the fourth time in 2020.

"In other words, FAANG came down too far, too fast, which means it could be due for a continued bounce," Cramer said.

Cramer's FAANG group includes Facebook, Apple, Amazon, Netflix and Google-parent Alphabet. Each stock, along with Microsoft, all rose with the tech-heavy Nasdaq Composite on Tuesday to snap, with the exception of Apple, a two-day losing streak.

"Whenever Covid cases spike, you had to buy the FAANG names [plus Microsoft] because they've all found ways to benefit from the pandemic," Cramer said.

Microsoft shares were down slightly in the after-hours Tuesday after the software giant posted better-than-expected numbers for the third quarter.

Amazon, Apple, Alphabet and Facebook are set to report earnings after the close Thursday.

"You have my blessing to buy a little bit before they report on Thursday night if you don't own them already," Cramer said. "And if they get dinged after earnings, I'm betting that they will be safe to buy into even more weakness."

Disclosure: Cramer's charitable trust owns shares of Facebook, Apple, Alphabet, Amazon and Microsoft.

Disclaimer