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One of the noteworthy developments in recent days has been the move in tech stocks. The Technology Select Sector SPDR ETF (XLK) fell 1.3 percent MTD amid concerns that the group could suffer the most collateral damage from US-China trade war.  Now the question is whether the recent selloff is a pause that refreshes or it’s a beginning of something worse?  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 – Technology Select Sector SPDR ETF (weekly)

Our “U.S. Market Trading Map” painted XLK bars in red (sell) – see area ‘A’ in the chart. Over the past few weeks, XLK has been basing sideways using the 23.6% Fibonacci retracement of the 2016-2018 upswing as support after the late March massive selloff pushed the ETF below 20-week moving average – the level that offered support since XLK broke out in early 2016…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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