US technology ETF, weekly technical analysis
XLK +0.2% as sellers retake control: MACD turns bearish
US technology ETF, weekly technical analysis
Our view last week
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.
This week's summary
XLK, the US technology sector ETF, closed the week almost flat (+0.2%), but underneath the tape cooled fast: 87% of volume traded on the sell side and the weekly MACD just crossed bearish. Seven days after a 5.5% drop, it is momentum losing ground now, not price. In our XLK technical analysis the long trade is still up 14%, with the double bottom in the 173 area still the key backdrop.
IQS Phase
42
ordinary
Signal Strength
59
medium
Sizing
STANDARD
Ranking
#46 / 124
US stocks in progress
Trade P&L %
+13.95%
from signal to today
Rank position
ranks 46th among the 124 Longs already running for US stocks in our ranking, with a signal strength of 59 out of 100.
Sector context
SectorETF Settoriale
Benchmark ETFXLK
Sector regimeweak phase
Performanceweekly +0.17% · monthly -3.92%
XLK belongs to the etf settoriale sector (reference ETF XLK). The sector is classified weak phase according to our weekly reading.
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