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Tech bulls send SPX at record levels again

SPX sectors performace

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The risk-on sentiment at the stock market retained and gained momentum, with the SPX Technology Sector sending the index to new record highs.

Strong support for this new record level is the FOMO (fear of missing out) and the shares of technology companies that remain the most attractive to investors.

For now, we hold our last long positions, and we will be waiting for at least a small correction for new ones.

The record levels are watched by many Wallstreet analysts who immediately alerted for the overbought territory of the index:

The RSI (14) has passed over 70, but there is no spin now and enthusiasm for new purchases is likely to continue at least until early next week.

Morgan Stanley said they had raised their expectations for Amazon and Alphabet share prices, where adjustments in stock prices can be closely watched for long positions.

Source: Bloomberg Finance L.P.

Charts: Used with permission of Bloomberg Finance L.P.


 Trader Nikolay Georgiev

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