Impressive rally out of tech index
Only 2150 area remains as technical resistance between here and 2007 peak.
Nice breakout above April high with a an early back test.
Notice the steep trend line (dashed blue) that I added a few days ago. It held the ascent nicely.
Will techies be able to hold the US market enough for the the broader index to catch up?
We'll see
From a purely technical point of view, there is nothing negative about the NDX action today. Also, it is good for the general market when a high beta like tech index does well.
It, of course, is not all about technicals. Yet, those in tech index should have a relatively easy task of arranging their stops and levels.
Have a Wonderful Friday!
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1 comments:
eem & xlk are breaking out
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