As we move into September, technology is back to being the hottest ticket on the street. The Technology Select Sector SPDR (XLK), the biggest ETF by assets tracking the sector, hit a new high Thursday on the heels of a broader climb in the general market.
The gains were led in part by the “FANG” stocks, Facebook Inc. (FB), Amazon.com Inc. (AMZN), Netflix Inc. (NFLX) and Google parent company Alphabet Inc. (GOOGL). Looking ahead to the next week of trading, these stocks look strong given their respective technical backdrop.
While low volume was expected this week, tech rallied, and the XLK is showing signs of a positive technical setup. First, the Moving Average Convergence Divergence (MACD) made a bullish reversal, indicating that the recent consolidation is over and a new rally is starting. Second, we are seeing a close above the upper Bollinger Band, which means that the uptrend is intact.
As we move into September, technology is back to being the hottest sector on Wall Street. …read more
Read more here: Tech Stocks Are Ready to Rally Once Again
Category: XLK, FB, AMZN, NFLX, GOOGL