Fundamentals change all the time and the only ones who are in the know are insiders who can calculate the various metrics and even They know that their calculations could change any time.
besides, their opinions are reflected in their buying/selling in the markets.
Not saying fundamentals aren't important, just that they matter more significantly only in the longest timeframe:forever.
But above all, technicians respect the power of sentiment more than their fundamentalist counterparts. And sentiment, after all, is how valuations actually come to be – the P in the PE Ratio or the PEG Ratio or the P/B calculation. In the real equation, the only one that counts, the P is what pays, not the E, not the EG and certainly not the B. Buffett would tell you the B (book value) is what pays over time (the market going from a voting machine to a weighing machine). But Buffett can afford to ride it out, having permanent capital under management and an ocean of insurance premiums sloshing in over the transom every hour of the day. Most market players do not.