2nd Highest Close Ever for Tech

JC Parets
September 5, 2023

That was just the 2nd highest weekly close in the entire history of the Technology Index. It was also the 2nd highest monthly close ever.

So the question becomes: Is this just a retest of resistance and there's still a ton of overhead supply for demand to absorb?

Or is a breakout coming soon?

Keep in mind that Technology currently represents almost 30% of the S&P500. So without this sector breaking out, S&Ps will continue to have a hard time making any progress

For some perspective, the S&P500 and Nasdaq100 both peaked in July. The new 52-week highs list peaked almost 2 months ago.

So if you're an index investor, this Tech chart should be front and center.

If you're not an indexer, and you're open minded to profit from any sector, you've probably noticed that these Capital Markets stocks keep ripping.

Remember, not all "Financials" are created equal.

Look at the top holdings. They are much different than the S&P Financials Index $XLF.

These are Capital Markets specific.

Look at this multi-decade base in Charles Schwab, who recently merged with TD Ameritrade.

And of course, Interactive Brokers continues to make new all-time highs.

This one has been working for some time now, despite the struggles with Tech and the major indexes:

We have a lot to discuss on tonight's LIVE Conference Call.

Summer is over and it's time to rock & roll.

We got off to a great start to the year but we need to finish strong.

Premium Members make sure you've registered here for this evening.

I'll get going tonight LIVE @ 6PM ET.

See you there!

JC

 

 

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