Tech shares fell Wednesday as Twitter CEO Jack Dorsey and Facebook COO Sheryl Sandberg testified in front of Congress. Adding to concerns was report that Attorney General Jeff Sessions will meet with state attorneys general later in September to discuss worries surrounding tech companies that may be hurting competition and intentionally stifling the free exchange of ideas on their platforms. The Technology Select Sector SPDR ETF (XLK) fell 1.25 percent to 74.37, bringing its YTD gains down to 16.3 percent. The S&P gained about 8 percent over the same period. Now the question is whether recent selloff is a pause that refreshes or it’s a beginning of a deep correction? 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 trending higher after the late July selloff found support near the 20-week moving average, a key technical level. This week’s selloff…Click here to read more.
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