The Closing Print live trading and financial blog during market hours.

Technology has been on our radar for a couple of weeks, leading into the election. Post election we wrote about the the possibility that technology could assist in pushing markets higher. That is, despite the current rip higher in the S&P500, technology could bounce, adding to the catalysts needed to increase bullish sentiment. Note the narrow band of VBP resistance and the buy signal looming overhead at 4840.21. RSI is pointing to a resolution in this direction, as buying pressure outstrips supply. Demand is too great as noted by several professional traders, wherein we experienced the largest capital inflows”ever” recorded on a weekly basis.


XLK bounced at the zone noted by the blue horizontal. This was our target in late October. Since then we recorded a multiple bottom along this line. The sector is also on a buy signal, noted by the red arrow. RSI suggest price action will move above the VBP resistance in this zone.


If you’re still ambivalent about market resilience, just look to the indicators we’ve been posting the past 8 trading days. The Bond Stock ratio and XLP XLY ratios are dropping. Bullish percent is well off the overbought levels of the summer. Breadth continues to expand. NYMO is moving higher.

The list goes on. Check the tech stocks of recent mention.

Happy Trading


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