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
CHART DISPLAYS LAST 30 DAYS
Utilities ($XLU) outperforming the broader market as represented by ($SPY) and growth oriented, tech based, sub-sector ($XLK) over the last 30 days.
This has a correlation with an increased 'potential' for instances of heightened, near term (2 to 4 weeks) market volatility.
During the recent selloff we can see that the 'bids' did...
Order SELL XLK ARCA Stop 124.64 LMT 124.64 will be automatically canceled at 20230401 01:00:00 EST
XLK daily evening star reversal at .38 fibonacci retracement wave 3 of wave C correction.
