This is an education-style publication where the main graph is a comparison (ratio) between two ETFs (funds) managed by State Street Global Advisors Corporation, the creator of the world’s first ETF (well-known in nowadays as AMEX:SPY ) and an indexing pioneer.
The first one ETF is The Technology Select Sector SPDR Fund, AMEX:XLK .
👉 AMEX:XLK seeks to...
Watching AMEX:XLK here for the possibility that we at least make another small leg down as the possiblity of rejecting 165 reamins a possiblity. I'm not liking the action of many big ticket names here such as AAPL either and so this makes me concerned of a potential drop
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.
AMEX:XLK Weekly structure changed, and the price is in a huge volume gap. Weekly head and shoulder breakdown and pops gonna get sold back down IMO.
First target hit and is now aggressively approaching the big target, which is the massive volume node around 150 🎯
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...
From Covid low (red A) on 3/2020 to all time high on 12/27/2021 (green A), we retraced not quite .618 to green B at .588. Notice that XLK topped in December 2021 and led the general market (SPY) decline that happened in January 2022.
We have since set a new high at green C at 181.46. This is 6.9 pct higher than prior high of 12/2021, but close enough to be...
Likely further selling, 7% off the most recent high of 181.46, to 168.76. This would take XLK to the lower part of the bullish forward Ichimoku cloud (not shown), and below the 50 day exponential moving average (not shown). There is still bull here, should it reverse back upward, since it would be inside the upward regression channel drawn from 10/13/22 low (black...
This is just a simple comparison of sector ETFs after 6 months. Do with it as you wish. There is no skin of my nose. Really, go ahead. I'm just adding filler. For some reason my initial description was too short.
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.
Keep moving.
There is a confluence of two weekly harmonic patterns which may give this ETF a pause.
This is weekly chart so give this time to develop and know you are going against the trend.
Its probably best to confirm a reversal with your favorite momentum indicator.
Not investment advice ... do your own due diligence.
S.
Grabbed some lotto puts at the close today for CPI tomorrow. Price has been unable to break above August highs even after AAPL & MSFT (50% of the index) reported earnings & the next 2 biggest components, AVGO & NVDA, had massive run ups the past few months. Nice hanging man candle last week as well. $2 risk here (stop above $152) for much higher reward imo.
- XLK shows strong development within a rising trend channel in the medium long term.
- The stock has broken a resistance level in the short term and given a positive signal for the short-term trading range.
- XLK is testing resistance at 151.
- This could give a negative reaction, but an upward breakthrough of 151 means a positive signal.
- Volume tops and volume...
Tech has had a good run lately, we are very near a 61.8% retrace to point D of Gartley, which is also a key fib resistance at 23.8% off the high point B. This area is also at the pivot point set on August 15, and shows some inability to surpass. Although the RSI(12) trend remains bullish, I'm expecting a pullback soon. Nothing serious at this point, but now is not...
![XLK: XLK- Rising Trend Channel [MID TERM]](https://s3.tradingview.com/e/eyXKUhPg_mid.png "XLK- Rising Trend Channel [MID TERM]")
