AllTechnical Analysis
logoArgusSeptember 11, 2020

Technical Assessment: Bullish in the Intermediate-Term

Intermediate Term
Long Term

Revisiting our bearish technical call on Technology, we note that both the Nasdaq 100 (QQQ) and the S&P Sector SPDR (XLK) bounced off their 50-day averages after a very quick pullback of about 11% into the September 8 closing low. After a weak bounce, they are sitting right on the 50-day once again. Since September 1, both have underperformed the S&P 500. While we know these ETFs are top heavy, the breakdown by the average stock inside the QQQ and XLK is still a little unnerving.

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