I thought there was a chance that the broader markets were going to head lower last week when the S&P 500 broke the important 2,040 level and traded down to 2,025. But the Technology Sector was able to hold important support and then we saw a significant rebound. Tech is the largest sector of the S&P 500...comprising about 25% of it so this isn't surprising.
Friday's close was right at 2,100. Here we see the recent importance of that level. It was right where the selloff began last August when the world was coming to an end. Remember that? It was also the top in November and December, as well as at the end of April.