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One of the more noteworthy developments in recent days has been the move in tech stocks.  The sector started the New Year with a bang that saw the Technology Select Sector SPDR ETF (XLK) surged to all-time highs, outperformed the S&P by a wide margin.  Now the question is whether the rally has more legs?  Below is an update look at a trade in XLK.

The graphic below is from our “U.S. Market Trading Map”, show the near-term technical bias and trading ranges.  As shown, the underlying is in a short-term bullish trend when the price bars are painted in green.  The underlying is in a short-term bearish trend when the price bars are painted in red. 

Chart 1.1 – Cons Technology Select Sector SPDR ETF (weekly)

Our “U.S. Market Trading Map” painted XLK bar in green (buy) – see area ‘A’ in the chart.  Over the past few weeks, XLK has been trending lower in a short-term corrective mode as it worked off overbought conditions.  The correction found support near the 127.2% Fibonacci extension of the 2016-2017 upswing.  Last week’s rally…Click here to read more.

You see, our trend-following system is very unique as it attempts to pick turns before others see them. Timing is everything and if you’ve applied our system correctly, you should have made a killing in any markets.

 

This is just an example of many successful trades that our member had enjoyed recently. After all, aren’t you glad you subscribed?

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