The tech sector at a crossroad
The tech sector had an impressive July and managed to get above the $300 psychological level. It is building once again a bull flag above the moving averages. Last time around in June, the channel broke to the downside as the sellers returned. Will this time be any different? From a macro perspective, the recent inflation readings and FED policy seem to favor a push higher. In addition most companies reported better-than-feared earnings which is an important catalyst. A move above this channel opens the door for the next leg higher to $330. We may need a few more inside days and a goldilocks Jobs report on Friday in order for this to happen.
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