Tech printed a triple divergence on a daily timeframe today between price and MACD, with a bearish engulfing candle close.
Even if today's high holds, we are likely to see a retrace higher of this downside move in the first half of next week.
Assuming the high holds, we are likely to see a pullback to the 50MA around ~ 200, or 3.5% lower than today close. A...
The upward trend of XLK experienced a halt in mid-April, marked by a price breakout below the swing low at $197.3. By retracing the price action from January 2022 to October 13, 2022, a potential pattern emerges, suggesting the formation of a 'Head & Shoulders' reversal pattern.
XLK had been on an upward trajectory from October 2022 until April 2024, largely...
Tech sector bounced off lower trend channel. Looks like it could get squeezed and a breakout setup could be near... Which way though? A downside break could mean lower lows for the summer.
Tech sector ETF AMEX:XLK is showing incredible resilience following TSM earnings which is currently leading the market. I believe over the intermediate term we will see AMEX:XLK push to new highs especially with NASDAQ:AAPL trying to carve out a bottom. The green line below is from the previous trade we made which was a success and is provided in the links...
XLK bulls are showing incredible resilience at 185 and it looks like the buying could continue here. XLY also showing promise which means the market as a whole may continue to be resilient.
XLK 23 year trendline is still in tact...
We may get 1 more blowoff move before seeing lower price action.
Until we get a weekly close above that level we have to respcet the resistance!
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...
Currently only one of the eleven SPDR Sector funds is making a new all-time high. That’s the Technology sector (XLK). This is a huge bearish divergence!
From XLK’s October 2022 bottom it has formed an extended Elliott Impulse pattern.
The manic rally since its 10/26/23 bottom appears to be the final phase – Intermediate wave (5).
XLK could soon reach an...
I like to look at the combo pair of (XLK+XLY)/(XLP+XLU) to compare risk on vs risk off. This clearly shows RISK ON in full effects and might just be getting started. Almost making a new all time high.
Overall bullish tech & consumer discretionary.
This is not financial advice!
The world economy is facing economic slow down which has not yet affected US markets or the US economy. The recession warning indicator (top section on the chart) is hitting 100%.
The 2yr-10yr bonds rates are still inverted and the FED is determined to crush inflation before it adjusts rates. That's all uncertain but significant headwinds are present.
Looking...
