As expected the S&P 500 Technology Sector ran into resistance last week...

If you watched the financial media last Fall you would have thought that the world was coming to an end because all they talked about was the decline in energy and oil prices.  But like usual, things aren't what they seem.  Did you know that the XLK...the S&P 500 Technology SPDR...hit a 15 year high in December?  It is trading at levels not seen since the Internet Bubble in 2000.

I expected it to run into resistance as it approached these former levels this week, and that is what happened.  Things usually run into resistance and supply when they approach former major peak levels.  This is because many sellers want to get out near all-time or recent highs.  I think we may see some selling pressure this week as the uptrend that began in mid-February was broken

 

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