Thursday, April 25th I wrote about the technololgy sector being one of the markets weakest groups this year. That may finally be changing for the better. The chart below shows the Technology Sector SPDR (XLK) exceeding its early April high to reach the highest level in six months. The XLK/SPX relative strength ratio (gray area) has also turned up. That's the first sign of upside leadership coming from the technology this year. Thursday's message suggested that an upturn in Apple (the sector's biggest stock) from an oversold condition would be a big help to the sector. It also showed Microsoft (the second biggest stock) breaking out to the upside. Over the past week, both stocks have gained 9% and 7% respectively. Another big teck stock that has turned up is Intel. So have some other semiconductor stocks.
