As breadth deteriorates across major indices, managers look to hold outlying leadership. This week it has been performance in tech and consumer discretionary holding up the S&p 500. If you drill into the top holdings of 
XLK, the info tech sector, you see selling pressure in Adobe 
ADBE, Salesforce 
CRM, Microsoft 
MSFT and others. There are only a few leaders within the leading sector. Apple Inc. 
AAPL and NVIDIA Corporation 
NVDA are standouts.
The GoNoGo Chart above shows the trend conditions of NVIDIA Corp.'s relative strength against the tech sector $XLK. Unlike $APPl which has a choppy relative trend,NVDA has steadily outperformed the sector. In turn XLK has outperformed other sectors in the S&P of late. With 84% outperformance of the technology sector since the "Go" was flagged in May, NVIDIA Corporation is checking boxes for both absolute and relative performance.
Note, GoNoGo Oscillator(R) is testing the zero line where we will look to find support if this trend is meant to continue. GoNoGo Squeeze(R) is beginning to build the amber grid. The longer momentum is at neutral the greater the likelihood for a high vol move in the direction of the break.
XLK, the info tech sector, you see selling pressure in Adobe ADBE, Salesforce CRM, Microsoft MSFT and others. There are only a few leaders within the leading sector. Apple Inc. AAPL and NVIDIA Corporation NVDA are standouts. The GoNoGo Chart above shows the trend conditions of NVIDIA Corp.'s relative strength against the tech sector $XLK. Unlike $APPl which has a choppy relative trend,
NVDA has steadily outperformed the sector. In turn XLK has outperformed other sectors in the S&P of late. With 84% outperformance of the technology sector since the "Go" was flagged in May, NVIDIA Corporation is checking boxes for both absolute and relative performance. Note, GoNoGo Oscillator(R) is testing the zero line where we will look to find support if this trend is meant to continue. GoNoGo Squeeze(R) is beginning to build the amber grid. The longer momentum is at neutral the greater the likelihood for a high vol move in the direction of the break.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.