XLK 23 year trendline is still in tact... We may get 1 more blowoff move before seeing lower price action. Until we get a weekly close above that level we have to respcet the resistance!
Tech sector showing lots of relative hidden strength compared to the rest of the market. Expect Nasdaq to lead the next bear market rally.
Have a great day all
I've been targetting XLK as a short candidate. It's 35% MSFT and AAPL at the top, with a host of other old-school tech giants dominating its members - very limited in momentum, growth names like cloud, Saas, Internet which would add risk to a short in this market. Also,I like the 20% semiconductor exposure. Semis have obviously been on fire as everyone was...