20/Mar/2019 12:49 PM
I would guess spy hourly catches cloud.
To Papai i said:
"if amd closes below $25 this week might I suggest taking some profit. Not saying to close position. - But I think you should have an if then plan. - If at the same time XLK were to get below 72 and close below I would personally consider that affirmation for profit taking
The XLKs gapped up after breaking through the $70 - 72 resistance zone and are very overbought. The last four times that they were this overbought – last July, August, October and again in February, a meaningful selloff followed. Look for some consolidation or short-term profit taking.
My definition of 'overbought' means that they are trading more than two...
The following are trades setup ideas in the daily chart for SPDR TRUST TECHNOLOGY SELECT: XLK
There are 2 distinctive dotted lines labelled as
1. AI's Resistance Line
2. AI's Support Line
If price action was below the AI Resistance line AND Retested below AND eventually closed below this line, the idea is to short and take profit at AI's Support line.
I posted a chart on this etf back in July suggesting that a top could be approaching and got lucky with that count. Does this count have any merits? Who knows. But as ever it could be a possibility and with the price action of the last few days anything is possible.
The technology stocks have been the long time leader of this bull market.
As the chart of XLK, the S+P Technology SPDR shows,technology stocks,
like the bellwether FANG stock, including Apple
have clearly rolled over on the charts, and are bearish in trend.
Today the technology ETF is down yet another 2 %
If the market's leading aggressive group, is in...
"baby there's no time to be sorry, will you short the life of this party" Looks like the 9 year party is in its last hours, and tech sector is drunk off valuations. That volume is major behind this drop this time around $TECS $TECL $QQQ $SPY
XLK is in a very bullish momentum stage intermediate and long term. Short Term was whipped out this week but we managed to recapture it's low. This might be a continuation buy point. I don't like going negative for this quarter all in the first week of OCT. i can't call this a buy point.
Whats up Traders
I posted on this one previously - if the day closes correctly, we will have broke support below a rising wedge / uptrend.
I love this ETF as a short or options put. Leading into the Elections - the tech sector going to come under heavy fire. . . Expect Threasts, Talks, Balks at serious regulation.
And that's my two satoshi's.