The new all-time high in the Technology Select Sector SPDR ETF (XLK) established on Friday June 9 followed by a high-volume Key Downside Reversal remains the dominant feature of the post-November upleg, and was accompanied by a glaring upside momentum divergence that serves as a warning signal indicative of upside price exhaustion.
2) All of the action since June 9 has carved out a sideways digestion pattern beneath the cresting 20 DMA, usually a harbinger of approaching downside price continuation.
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Slope of Hope Blog Posts
Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.
Tech Talk
As I pledged on Friday, after my feckless (albeit profitable) dumping of QQQ puts, the NASDAQ is doomed at this point. My 25% profit became a “would have been” 125% profit, and the felicitous gods above get big giggles crashing markets after I exit them.
Since I am as good as my word, the NASDAQ, while not crashing, is certainly resuming its slide this morning:
Superconductors
If there’s one sector that’s been consistently generous to investors over the past eight years, it’s semiconductors. One glance at the ETF for this sector is all it takes (and, appropriately enough, the ticker is the same as the Internet term for Shaking My Head……….as in astonishment):
Biotech Poised for an Upside Breakout
It looks like someone likes the Biotech ETF this year, as demonstrated by the percentages gained on IBB plus the 9 Major Sectors, as shown on the following Year-to-date graph.
And with IBB poised for an upside breakout above major resistance, it’s one to watch, as shown on the following IBB + Major Sector charts.
