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SPDR Select Sector Fund - Technology

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XLK trade ideas

XLK Bullish Channel Holds for Tech The channel provided good support, actual first test of the bottom end of the channel since the low in March. Tech took a brutal beating last week with a disgusting weekly candle. However, the recovery this week has been extremely strong. Until the channel breaks, there should be some expectation of a bullish move to the upside. Only if the channel breaks would there be a break from the overall bull trend and a possible larger correction to the downside. If that takes place, then I expect at least the gap to be filled at 110 (red outline box) or even more of a correction to test the February 20 highs. On the hourly, a clear bullish RSI divergence played out, making the price action look somewhat like a wedge breakout. But then resistance was found today at a parallel level to the recent lower lows, so now lower highs which means short term bearish. If a higher high can be set and a S/R flip accomplished, see below, then it would be a good spot for a call play to retest just short of the highs. Game plan is seen in the hourly chart below.
AMEX:XLK
by ItsBones
GoNoGo Charts: Can Technology continue to dominate?The technology sector has outperformed on a relative basis in 2020. Tech stocks in general were hit less hard by the COVID-19 pandemic and have rallied quicker and further than the rest of the market since the lows in March. Right now, the five largest stocks by market cap in the S&P 500 are Microsoft, Apple, Amazon, Facebook and Google. And between them, they make up around 20% of the index. They have been the drivers of the current post crash move. So what happens if technology starts to struggle? Is it time to protect against downside risk? The above chart is the daily GoNoGo chart of the Technology sector Spyder, XLK. While it is still in a “Go” trend, there are some signs of troubled water ahead. Price has fallen below an upward sloping trend line, and could likely now find it to be resistance. In doing so, it looks to have made a lower swing low. If we look at the GoNoGo Oscillator in the lower panel, we see strong *bearish divergence. While price has continued to make higher highs, the oscillator has not confirmed, instead making successive lower highs. We are at an inflection point, with the GoNoGo Oscillator resting at zero. We would need to see this hold as support and then bounce off zero if the “Go” trend is to persist. If the oscillator fails at zero, breaking into negative territory, we expect price to correct further, potentially leading to a change in the GoNoGo Trend above.
AMEX:XLK
by GoNoGoCharts
2
Technology Sector Remain CautiousWeekly and Monthly remain bullish and uptrend. -- Nasdaq -- + Daily chart - Weak hammer candle bouncing from trendline and 10400 support zone. + Sign of Classical Bullish Divergence seen on H4 - FiFT still -ve - ATOM crossing below mid line. -- XLK (US Tech sectors) -- Uptrend still intact but index close below EMA20 for the first time since 3rd April. ATOM crossing below midline and FiFT remain -ve on daily chart.. Summary Remain cautious with technology sector. Hit & Run or take partial profit when hit certain target is probably a good strategy .. However, it will be an opportunity to buy low if Nasdaq and XLK able to bounce from key support zone / trendline.
AMEX:XLK
by kgiap123
Support = Buy , Resistance = Sell, is it correct ?I was too naive to think that after reviewing 10 to 20 charts and seeing a pattern where price bounce off from support and retrace from resistance, I formed a bias view to buy at support and sell at resistance. Of course, over the long haul, my results proved that I was wrong. On certain occasions, I would like to think I probably enjoyed a stroke of luck to get them right by following this train of thoughts. I have often said the Market is way too smart to be predicted and it is a futile exercise (at least for me). From this XLK chart, we can see that it has just break out of the resistance level at 102.74 and the last bullish candle signals it would continue to trend higher. I use Amazon chart as an example to illustrate. If one thinks that upon resistance, the price MUST falls, then they would have missed another 27% returns.
AMEX:XLKLong
by dchua1969