A Double Day Breakout in Technology XLK
While you’re watching the big bullish breakout in Facebook (FB) this morning – along with a smaller breakout in Amazon (AMZN) – let’s pull the perspective back to the broader Technology ETF – XLK.
How’s it doing?
It’s doing very well, thank you very much.
Yesterday saw a slightly weak breakout to new all-time price highs for XLK on the strength of larger technology companies in the sector.
Today gives us a gap-up and stronger breakout as big leader Facebook (FB) shoots to new all-time highs above $175 per share.
After a false breakdown – just an “ABC” Retracement – into positive momentum divergences at the beginning of July, buyers aggressively flooded the technology sector with buy orders, resulting in the current non-stop rally that set the foundation for today’s new high.
Continue watching this group – and stock-specific leadership within the sector – as the stock market continues its bullish march higher.
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Corey Rosenbloom, CMT
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