XLK Relative Strength – Leaders Extended, Rotation Risk Building
XLK has been one of, if not the strongest sectors on a relative basis since bottoming at the end of March. Despite its relative strength, top SXLK holdings are into areas where profit-taking looks to be occurring, and a rotation out may be taking place (see Weekly Supply zone on RS chart 0.4157-0.4199).
This comes as
NVDA, 
MSFT, 
AVGO, and 
INTU are into -0.236 fib. extensions. 
ORCL and 
PLTR show a similar picture, with ORCL reaching the 1.618 extension, while PLTR failed to reach its 1.618 extension at $162.05.
Weak:
$APPL,
CRM, 
IBM, and 
NOW are among the weakest performers. If $APPL doesn’t hold around $200.00, look for it to slump to the $170.00 area.
Trades:
Look for
AMAT to hold around $169.46 for a move to $205.06 (Weekly Supply) or $243.40 (Monthly supply). If AMAT fails to hold the $169.46 print, expect a move to $156.75.
Look for
QCOM to hold $145.20 (Weekly) for a move to the $172.23 area (Weekly Supply).
Look for
ADBE to hold $329.30 for a move to $449.40 (could top out around $417.30 depending on buying volume).
Look for
ACN to hold $250.00 (Weekly), or I like it better a $218.32 (Monthly Demand).
Featured Chart:
Look for
APH to hold $100.71 (Daily close on 07/23) for a move up to $116.00-$116.50 area. If APH fails to hold around the $100.00 mark, I’d expect a move below $95.00.
XLK move down to $240.38?
Let me know your thoughts for or against any of these names in the comments.
https://tradingview.sweetlogin.com/x/JLTI4lNW/
AMEX:
This comes as
NVDA, MSFT, AVGO, and INTU are into -0.236 fib. extensions. ORCL and PLTR show a similar picture, with ORCL reaching the 1.618 extension, while PLTR failed to reach its 1.618 extension at $162.05.Weak:
$APPL,
CRM, IBM, and NOW are among the weakest performers. If $APPL doesn’t hold around $200.00, look for it to slump to the $170.00 area.Trades:
Look for
AMAT to hold around $169.46 for a move to $205.06 (Weekly Supply) or $243.40 (Monthly supply). If AMAT fails to hold the $169.46 print, expect a move to $156.75.Look for
QCOM to hold $145.20 (Weekly) for a move to the $172.23 area (Weekly Supply).Look for
ADBE to hold $329.30 for a move to $449.40 (could top out around $417.30 depending on buying volume).Look for
ACN to hold $250.00 (Weekly), or I like it better a $218.32 (Monthly Demand).Featured Chart:
Look for
APH to hold $100.71 (Daily close on 07/23) for a move up to $116.00-$116.50 area. If APH fails to hold around the $100.00 mark, I’d expect a move below $95.00.XLK move down to $240.38?Let me know your thoughts for or against any of these names in the comments.
https://tradingview.sweetlogin.com/x/JLTI4lNW/
AMEX:
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.
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.