AllTechnical Analysis
logoArgusSeptember 11, 2020

Technical Assessment: Bullish in the Intermediate-Term

Intermediate Term
Premium
Long Term
Premium
Summary

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.

Premium
Subscribe to Yahoo Finance Premium for full access
Read the latest independent research including analyst forecasts, ratings on the US economy, and more. Get individual company and overall sector level recommendations.
Try Premium FREE