SELECT SECTOR SPDR TRUST forum
XLK 30 min:Breakout or rollover?
XLK does this look like an uptrend to you?
XLK: #TechStocks have been bullish ahead of the pack since Q1 2023, and now triggered a breakout after flashing a trend signal last quarter...Trend is your friend here, don't be dumb and fade it.
XLK I follow aapl and we certainly had a trend break Fri. I'm hoping a gap down and I wanna start closing gaps.
XLK Technology sector can push higher, but don't be surprised if it fails and mean reverts in the near term. It's right up against channel resistance this week.Watch for a double top right at the edge of channel resistance, which might signal a nice play to the downside to the mean or to the lower edge of the channel, or even VWAP anchored to the October 2022 low
tradingview.com/x/5xRM00V9/
Another reason for caution is that IWM, a sort of risk-on measure index, is looking very weak. It sometimes leads the other indices, and it was one of the earlier indices to start this bear. Can markets really rally back to all-time highs when not all indices are participating and inflation remains sticky and cracks are starting to show in the economy? Price is king, but there are reasons for doubt.
In the near term, keep an eye on this channel as well as the August 2022 highs.
XLK update (daily chart). It either repels off Gann (145.11) to form a short term double top or it seeks Gartley 1.618 extension at Gann (151.77).
XLK GAP AT 146-148 needs to be filled