One of the noteworthy developments in recent days has been the move in tech stocks. A rally in technology stocks driving the Nasdaq to record high. The Technology Select Sector SPDR ETF (XLK) rose 0.71 percent to 72.25, bringing its YTD gains up to 13 percent, 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 – Technology Select Sector SPDR ETF (weekly)
Our “U.S. Market Trading Map” painted XLK bars in green (buy) – see area ‘A’ in the chart. XLK has been on a tear in recent weeks after the early 2018 selloff found support near the 23.6% Fibonacci retracement of the 2016-2018 upswing. This week’s upside follow-through confirmed…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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