XLK bullish, but at resistanceAny more upside movement in XLK should have bears rethinking their thesis.
XLK trade ideas
XLK Rate of changeIf XLF can't hold its Oct 22 low at 30 (and fib line .382) look for XLK to crater to just above its .618 fib line...
XLK Update (daily chart)XLK is at a key area of resistance at Gann 145.11. It either breaks through this resistance next week to seek the Gartley 1.618 extension near the Gann line (151.77), or it repels downward to form a short term double top.
I note that SOX index appears to be at a level of resistance, although it's ETF counterpart SMH appears in the clear above the Ichimoku cloud. I would watch the RSI (9) trend, which took a turn downward on Friday, although I'm discounting that observation a little since Friday was a weird day with options expiration.
XLK is worth watching, since it is one of the few S&P sectors that is currently showing strength.
4hr bat pattern, looking for retrace to c leg4hr chart I see a bat type pattern, and im looking for a retrace to C leg of this pattern . Money flow has peaked on the 4hr time frame and there is a clear rejection from D leg, and currently (B) leg of this bat pattern is acting as resistances. I have puts 30 days out at the $138 strike
XLK (Aapl and Msft)135 is tough so I think they'll hold it until the CPI tuesday... if we break below 135 that will be a double top to close gap at 124.73
Weekly selling pressure increased with a bearish engulfing finish..
This will have a huge impact on Apple and MSFT.. and if the 2 biggest stocks on the market dump 🍿
XLK (Msft and Apple)Falling wedge here... you can see it on also on Apple and msft..
The funny thing about this situation is if you remove the trendlines and drop down to a 15min time frame you'll see a bearish H&S..
What this means is if we gap up you have a falling wedge, if we gap down you have a H&S..
If this does breakout Apple will test 157
Msft 164
XLK (MSFT and aapl) Retest Fib next week then the next leg higher for Big tech.. double bottom breakout
XLK (Msft and Aapl)Can't break over resistance here. Pullback to 135 is coming. Look at the price action of last 2 weeks and look at MSFT and Apple chart, Same thing.
MACD just crossed bearish, last 3 times this has happen XLK has had a nasty sell off.
RSI is rolling over
If we bounce at 135 and rally we will see apple at 164 and MSFT at 300.
If we break below 135 ... things will get ugly
I highlighted the false breakouts with the reason why
XLL Continues to be sidewaysXLL Continues to be sideways
Let's watch this on shorter time frame, 135 is area of confluenc
$XLK Looking StrongI bought this last week in my longer term investment account. Tech has been strong since early January and has suffered in this bear market. I've added again today to bring this up to 1/2 size position. See notes on chart. $SOXX has a similar looking chart and I opened a 1/4 size position in that today in the same account. Ideas, not investing / trading advice.
$XLK short term pullback to previous resistance$XLK short term pullback to previous resistance, interesting dynamic on short time frame
XLK Tech sector ETF, broke the 200 day moving Average downtrend,XLK Tech sector ETF, broke the 200 day moving Average downtrend, does this marks the end of the downtrend, and start of a new Bull run?
To answer this question we will have to see how this trends in weeks ahead
Tech growth is still slowing
Higher multiples are difficult to justify
XLK (Msft and Apple)Seen the gap at 134 but I thought they would save it for MSFT earnings.
.382 fib is a reversal or breakout area. I'm leaning towards rejection
XLK (Msft and apple)Decided to chart this sector as it is the biggest sector in the spy and its also a big reason we haven't went down yet..
Showing a rising wedge similar to Spy and QQQ.. looking for a correction to kick off that will greatly effect the 2 stocks mentioned above..
Target 125
ROTATION FROM 'GROWTH' TO 'DEFENSIVE' OVER LAST 10 DAYSCHART DISPLAYS LAST 30 DAYS
Utilities ($XLU) outperforming the broader market as represented by ($SPY) and growth oriented, tech based, sub-sector ($XLK) over the last 30 days.
This has a correlation with an increased 'potential' for instances of heightened, near term (2 to 4 weeks) market volatility.
During the recent selloff we can see that the 'bids' did not push the broader market as represented by ($SPY) or the S&P 500 tech sector ($XLK) back over its pre-selloff top. On the other hand, the market did buy the utilities (XLU) back up over its respective, pre-selloff top. (see yellow horizontal lines)
So utilities stay bid while tech and the broader market begin to falter. In my opinion this is what a rotation out of 'growth' ($XLK) from the last 6 weeks and into 'defensives'($XLU) looks like from a price structure perspective. I would interpret this as an expression of 'risk off' market sentiment going into 2023. (NOT FINANCIAL ADVICE)
XLK target 122.07 on 12/22/22Could not break out of down channel at the 61.8% retrace. Considerable resistance overhead and weakening RSI. Look for target of 122.07 on 12/22/22.
Ascending TriangleNeutral until broken.
Price is trying to break the resistance line today.
Top 10 Holdings
Apple Inc
23.98%
Microsoft Corp
21.00%
Visa Inc Class A
4.11%
NVIDIA Corp
4.10%
Mastercard Inc Class A
3.40%
Broadcom Inc
2.30%
Cisco Systems Inc
2.28%
Accenture PLC Class A
2.18%
Salesforce Inc
1.96%
Adobe Inc
XLK daily evening star reversal at .38 fibonacci retracementOrder SELL XLK ARCA Stop 124.64 LMT 124.64 will be automatically canceled at 20230401 01:00:00 EST
XLK daily evening star reversal at .38 fibonacci retracement wave 3 of wave C correction.
technology with bullish base needs to clear $130 to test C legI have a short term target of $130.00, after buyers stepped in and bought D leg of the bullish Cypher. Price action needs to clear C leg of the ABCD pattern, which would lead to a higher price action to C leg of the ABCD pattern.
Disclosure: I have calls on $tecl (3x technology bull)
XLK (Apple, Msft)In my last post , I warned you guys we were at resistance.
Falling window candle stick pattern.
I highlighted with the white arrow to show you previous Falling window.. expect some lower lows from Apple and MSFT
XLK (Msft and Apple) This sector is the biggest in the S&P.. Msft and Apple represent 50% of the weight in this sector.
Fridays rally pushed us up right against channel resistance again.
Apple got rejected at its 200 daily sma.
Minor possible bear flag showing in yellow.
Tech will continue to rise and build baselooking for $xlk index to continue bullish momentum into next week and at least hit B leg. Notice the rising bear flag into the previous highs. I would like to be out before the apex complex and give way to another direction or even if a continuation direction. Price action expected to move to $140 area. There is a base building, and likely will need a handle to support. At that time, possible bearish position will be created.
Not trading or investment advice. Just for my education, learning, and trading experience.
Bad days ahead of Tech/REITs and Industrial stocksAs per reports coming out from IMF, Bank of Finland, JP Morgen Chase and many others, the situation is not going to be better in 2023.
The FED QT seems to worsen the situation, and counter-effect may be faced with stagflation.
The last IMF report is talking about more difficult economic situation in 2023/2024 with IR coming down around 4%, but unfortunately this will not help alot to relaunch the world economy.
Probable short opportunities - Long term - LEAPS
Technology Select Sector SPDR Fund XLK
Industrial Select Sector SPDR Fund XLI
Materials Select Sector SPDR Fund XLB
Real Estate Select Sector SPDR Fund XLRE
Vanguard Real Estate Index Fund ETF VNQ
Probable Long or neutral opportunities - Medium term - 6 to 12 months
Energy Select Sector SPDR Fund XLE
Health Care Select Sector SPDR Fund XLV
Consumer Discretionary Select Sector SPDR XLY
Trade on your risk, and keep a lot of cash for future opportunities.
Good luck,
Sam
*Not financial advice, trade on your own risk.
