Clear sector rotation has been observed a day before CPI data release on Tuesday morning. It seems traders are getting out of Technology ( AMEX:XLK ) stocks and defensive sectors like Utilities ( AMEX:XLU ), Basic Materials ( AMEX:XLB ) as well as Industrials ( AMEX:XLI ) have been climbing up.
The chart depicts S&P 500 ETF ( AMEX:SPY )...
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NASDAQ:XMTR is forming a base just after it broke out a polarity zone around $30
The AMEX:XLI is making new highs along with AMEX:XLK and AMEX:XLC but the leaders are showing signs of exhaustion and some rotation to small cap might be underway
Microsoft needs MMT to move higher from here.
Microsoft is historically extremely expensive with this valuation.
Into massive weekly resistance, MSFT has now retraced back to the breakdown zone while hitting ATH's
Microsoft saw a big green to red reversal today on heavy volume at the All time highs of the chart.
If this bell weather name is finally done trending higher it sure to weigh in on the indices even with the slightest pullback.
Prices never lie. Price is everything.
Time however always lies. That's "Theory of Relativity 101".
Time stretches and narrows based on boredom, psychology, speed.
By taking time out of the equation we transform a news piece into a literature book.
Timeless charts are the past, the present and the future.
They don't expire.
Unlike candles with specific expiration...
In the last 6 months AMEX:XLC is the leading sector in the $SPX.
And with the recent sell of in the energy sector AMEX:XLE , communications is the only sector without lower lows.
There are various stocks that confirm this strength in AMEX:XLC , some are NASDAQ:MATH , NASDAQ:ATVI , NASDAQ:META , NASDAQ:CHTR and many others.
Let's wait and see.
Bulls stepped up and bought the initial dip in XLK
If this market is to have nay chance at a rally, tech will need to participate.
So far we now have a weekly Dojo candle that allows us to trade against.
If a retrace lower occurs next week I anticipate buyers to step up unless Yields or the dollar have a significant move to the upside.
For the third time in XLK price history we have had a crossover of the 50 weekly MA & 100 Weekly MA.
the previous 2 times coming out of the Dot com crash and GFC when this happened it resulted in a quick multi week double digit rally.
Will this rally happened again?
XLK could rally while other aspects of the market rollover. Why? simply the cash moats of...
🔹Breakdown support of Rising Trend Channel in the medium long term.
🔹This indicates a slower rising rate at first, or the start of a more horizontal formation.
🔹Approaching resistance at 15800, which may give a NEGATIVE reaction.
🔹Once break upwards through 15800 will be a POSITIVE signal.
🔹Technically NEUTRAL for the medium long term.
◦ DT: Double...
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.
Oh oh... the optimism, much as we want it given, does not appear to be. Having bounced off the middle of the consolidation zone, a surge to the upper range resulted in a weak follow through with a lower high, and a following bearish (patterned) candlestick.
The technical indicatiors are trickling downwards, and one wonders if it is going to uptick...
Looking at the 3month chart of Apple. I see $180 max target followed by a massive C leg short of the bullish cypher pattern. The Apex of the triangle is around $140.00, This also likely signals the USA Economy True Recession (Reset), Dare I say Peak IPHONES... The D leg bounce of the bullish cypher (near 100) back to the B leg or the Apex near 140, if it rejects...
looking at apple, the previous bearish cypher (B) leg resistances level is currently acting as support. Next there was a bearish Bat pattern and we're currently at C leg of this retrace. added aapl for long position