XLK Doesn’t Break, but Broader Weakness Signals Risk Ahead

jfsrevg
03-23

Mainly because cap-weighted $Technology Select Sector SPDR Fund(XLK)$ surprisingly didn’t break down on Friday. in my view, that’s not optimism - if megacap tech further weaken their posture, it could trigger a more aggressive selloff with broader participation.

tech hasn't sell as hard relative to utilities, real estate, telecom, homebuilders on friday. those were the main sectors leading the underlying weakness relative to the capitalization of the market.

$S&P 500(.SPX)$ $SPDR S&P 500 ETF Trust(SPY)$ $E-mini S&P 500 - main 2606(ESmain)$

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