S&P 500 Information Technology Channel evaluation
S5INFT is the S&P 500 Information technology Sector. It comprises of all the biggest Information Technology companies such as Apple, Microsoft, Oracle,... and many more. See this link for a full component list (barchart.com/stocks/indices/sp-sector/information-technology).
This sector's price action (as for the S&P as a whole) rune between the top and bottom channels on both daily and weekly charts. This is in line with the current world situation where all transaction are electronic and Work from Home has become a normality. The infrastructure to support being part of this sector, no wonder it is still hitting higher highs every weeks.
Caution: We may see a bit of a down trend in the next days/weeks in this sector as the price action is approaching the top of the channel. This could induce a reversal in the trend until the price hit the bottom of the channel and reverses back again into an uptrend.
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This sector's price action (as for the S&P as a whole) rune between the top and bottom channels on both daily and weekly charts. This is in line with the current world situation where all transaction are electronic and Work from Home has become a normality. The infrastructure to support being part of this sector, no wonder it is still hitting higher highs every weeks.
Caution: We may see a bit of a down trend in the next days/weeks in this sector as the price action is approaching the top of the channel. This could induce a reversal in the trend until the price hit the bottom of the channel and reverses back again into an uptrend.
Help out by joining my Patreon. One on one discussions about stocks and charting.
Stay humble, Have fun, make money!
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