Even though the finance, energy and industrials sectors are grabbing most of the headlines these days, the tech sector is doing just fine with the Nasdaq 100 ETF (QQQ), the Nasdaq 100 EW ETF (QQEW), the Technology SPDR (XLK) and the EW Technology ETF (RYT) hitting new highs this week. We are not talking new 52-week highs, but new all time highs. In addition, the Cloud Computing ETF (SKYY) and Semiconductor SPDR (XSD) hit new highs. At the risk of stating the obvious, it is impossible to be in a downtrend when hitting new highs. Even though these ETFs may seem extended in the short-term (a few weeks), the big trends are clearly up and this bodes well for tech in the coming months. The charts below show the October-November lows marking the first important support levels to watch.
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--Arthur Hill CMT
Plan your Trade and Trade your Plan
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