XLK Relative to SPY Looks like Overbought Only Sector that's holding right now is technology Sector, as XLK tech sector ETF is clearly out performing SPY
Xlklong
XLK Tech sector ETF, broke the 200 day moving Average downtrend,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
technology with bullish base needs to clear $130 to test C legI have a short term target of $130.00, after buyers stepped in and bought D leg of the bullish Cypher. Price action needs to clear C leg of the ABCD pattern, which would lead to a higher price action to C leg of the ABCD pattern.
Disclosure: I have calls on $tecl (3x technology bull)
XLK Bullish Trade Setup XLK hourly chart showing a potential wave (C) pullback into testing the 50% retracement at 134 before we make the terminal move higher.
