XLK Makes a New High, But Can and Will It Hold?
The Select Sector SPDR Trust - The Technology Select Sector SPDR Fund (XLK) has clawed its way to another new all-time high at 56.57, off of the most recent pivot low at 54.37 established on May 18.
That said, however, let's notice that my RSI and MACD momentum gauges hit their peak on May 16, which means that the current 4% upmove is not confirmed by medium-term momentum, and thus should be viewed as a warning sign that XLK is increasingly vulnerable to a meaningful correction.
Price means everything, though, and as long as XLK grinds higher, the bulls will remain in directional control.
A close beneath 55.90 will make me question bullish control... Last is 56.57/58...