AMEX:XLK is up nearly 40% year-to-date, with a decent recovery in the tech sector. NASDAQ:AAPL hit $3 trillion yesterday and other ETFs such as the JSE:SYG4IR are benefiting from the tech strength. AMEX:XLK is now near the previous all-time high, if there's enough strength from the holding companies, this level should be cleared easily. Keep moving.
Only Sector that's holding right now is technology Sector, as XLK tech sector ETF is clearly out performing SPY
XLL Continues to be sideways Let's watch this on shorter time frame, 135 is area of confluenc
XLK Tech sector ETF, broke the 200 day moving Average downtrend, does this marks the end of the downtrend, and start of a new Bull run? To answer this question we will have to see how this trends in weeks ahead Tech growth is still slowing Higher multiples are difficult to justify
XLK $XLK Initial Short. TP and SL on chart. Move SL on TP. After TP2, trail with 0.5ATR step and 1.5ATR offset.