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S&P Held Support but Upside Could be Limited

so far the oversold bounce has proved nothing as far as its staying power or as a possible trend reversal. While there is a high probability that the late-day rally will momentum but a close above S&P’s 2800 is needed before there is any real prospect of a change in the short-term downward trend pressure. 2700 is the line in the sand. A close below that level on a weekly basis will break the multi-year uptrend and increases the probability of a full-blow correction

Trading Strategy – Technology Select Sector SPDR ETF

  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 …[read more]

Trading Strategy – Technology Select Sector SPDR ETF

  Tech stocks attracted strong buying support Wednesday with Amazon and Alphabet leading the gains after Morgan Stanley raised their price target on these stocks.  The Technology Select Sector SPDR ETF (XLK) closed at record high, up 0.91 percent to 75.77, bringing its YTD gains up to more than 18 percent while the S&P gained …[read more]

Trading Strategy – Technology Select Sector SPDR ETF

  One of the noteworthy developments in recent days has been the move in tech stocks.  The group posted their second straight day of steep losses. On Thursday, the sector dropped more than 1.5 percent as Facebook (FB) posted its worst day ever. Shares of Intel (INTC) and Twitter (TWTR) dragged the sector lower on …[read more]

Trading Strategy – Technology Select Sector SPDR ETF

  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 …[read more]

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