Morning Comment: The XLK tech ETF is testing key resistance

Morning Comment: The XLK tech ETF is testing key resistance.

  • The “internals” were mediocre yesterday, but the rally still pushed the S&P and Nasdaq closer to their key resistance levels.
  • If the XLK tech ETF can break its key resistance level, it should be quite bullish for the group…and the broad market as well.
  • More sanctions (and a ban on coal) will keep inflation high for longer. That’s not good for the stock market.

The XLK technology ETF is testing a key resistance level right now. Whether it can break above that level...or rolls over in a meaningful way...should be very important for the group...and the broad we move into the 2nd quarter.

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Matthew J. Maley

Chief Market Strategist

Miller Tabak + Co., LLC

Founder, The Maley Report

275 Grove St. Suite 2-400

Newton, MA 02466


Although the information contained in this report (not including disclosures contained herein) has been obtained from sources we believe to be reliable, the accuracy and completeness of such information and the opinions expressed herein cannot be guaranteed. This report is for informational purposes only and under no circumstances is it to be construed as an offer to sell, or a solicitation to buy, any security. Any recommendation contained in this report may not be appropriate for all investors. Trading options is not suitable for all investors and may involve risk of loss. Additional information is available upon request or by contacting us at Miller Tabak + Co., LLC, 200 Park Ave. Suite 1700, New York, NY 10166.

Posted to The Maley Report on Apr 05, 2022 — 9:04 AM
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