XLK slips 5.5% as momentum keeps fading for a month
XLK slips 5.5% as weekly momentum keeps fading for four weeks
XLK slips 5.5% as momentum keeps fading for a month
Our view last week
XLK gains ground again, +2.9%, with buyers back in control of the tape at 94% after a week of heavy net selling. But the rally stalls right below the 7-day high, in the 188 area, turned back by a clean rejection. Beneath the surface momentum has been fading for three weeks: the push is losing steam even as the trade adds ground, now at +20.4% since entry versus +17% a week ago.
This week's summary
XLK, the US technology sector ETF, gives back 5.5% this week as sellers retake control of the tape at 70%, following the rejection already flagged a week ago near the highs. Price stalls just under the 50-day moving average, in the 178.5 area. Beneath the surface the picture keeps softening: money flow and weekly momentum have been fading for a month now, even through the up weeks. In XLK's technical analysis the double bottom in the 172 area remains the key reference below.
IQS Phase
59
ordinary
Signal Strength
59
medium
Sizing
STANDARD
Ranking
#41 / 112
US stocks in progress
Trade P&L %
+13.76%
from signal to today
restricted Platinum content