Currently only one of the eleven SPDR Sector funds is making a new all-time high. That’s the Technology sector (XLK). This is a huge bearish divergence!
From XLK’s October 2022 bottom it has formed an extended Elliott Impulse pattern.
The manic rally since its 10/26/23 bottom appears to be the final phase – Intermediate wave (5).
XLK could soon reach an important top, which could signal the next bear market for U.S. stocks.
From XLK’s October 2022 bottom it has formed an extended Elliott Impulse pattern.
The manic rally since its 10/26/23 bottom appears to be the final phase – Intermediate wave (5).
XLK could soon reach an important top, which could signal the next bear market for U.S. stocks.
