Technology and growth stocks continue to weigh on the market. Let’s review a few important charts to watch.
To start, bear in mind the massive weighting of the technology sector in the S&P 500.
You can find this information here.
S&P 500 Growth ETF ($IVW) versus S&P 500 Value ($IVE): The Principle of Polarity was respected once again — former support has become resistance. Ugly look for growth until that changes (back over the grey area).
Technology Sector ETF ($XLK) versus S&P 500 ETF ($SPY): Hanging on by a thread.
Nasdaq 100 ETF ($QQQ) versus S&P 500 ETF ($SPY): Updated chart from this weekend’s post. Similar look and fighting a nasty RSI divergence.
Nasdaq 100 ETF ($QQQ): Not the best look on absolute basis either with a failed breakout over those mid-February highs.
Philadelphia Semiconductors Index ETF ($SOXX) versus S&P 500 ETF ($SPY): Another updated chart from this weekend’s post. Sitting at the March lows and the 200-day moving average (blue line).
Philadelphia Semiconductors Index ETF ($SOXX): Not a great look on an absolute basis either and well below our $433 level from the last post.
With any follow through on the relative charts, technology and growth are simply not the places to be.
Have a great night.
Cheers!