Financials earnings may garner the lion's share of investor attention, but technology could be the more important sector to watch for the next few days. Tech has been a consistent outperformer in the S&P 500 Index this year, yet momentum has waned since early March and the sector is testing support at its 50-day moving average. The last time tech touched its 50-day figure, it bounced into a strong bull trend, though momentum was building -- not deteriorating -- at the time.
A closing cross below the 50-day moving average for technology is likely to result in greater weakness for the market at large, considering the sector's current leadership.
Source: Bloomberg
Jr Trader Petar Milanov
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