SELECT SECTOR SPDR TECHNOLOGY SECTOR ETF - XLK

Monthly chart shows that the technology sector has been in consolidation since October 2002. There is a possible 5 waves pattern into the $28.59 high. IF we have 5 waves, THEN look for abc 3 wave retracement of the whole move. Possible lower high being made, with increasing selling pressure to the downside to come.

Weekly chart better shows the lower high made at the .618 fib resistance area. Look for continued weakness and a test of the $19.80 and lower. No buy signal/pattern evident as of yet on this time frame. While initially, it looked like the $19.80 low as going to hold, once the higher low was put in with such a bullish engulfing candle pattern in place, now that the selling has increased, it has negated the bullishness of the earlier signal. The pattern has decidedly become more bearish than bullish.

Daily chart shows increasing bearishness, as the bears gapped down the trading session open on both Thursday and Friday. There were however, initial bottom pickers, as early bulls tried to step in and take prices higher, but were unable to. No buy signal/pattern evident as of yet. Continuation lower is more likely based on pattern presented.

XLK Update for 04.13.2008

SELECT SECTOR SPDR TECHNOLOGY SECTOR ETF - XLK

Monthly chart shows no buy signal/pattern evident on this timeframe.

Weekly chart shows that the bears managed to take back all the gains the bulls made the week before.

Daily chart shows an abc 3 wave pattern into a double top. Friday's price action saw bears gapping down the open and taking price lower towards the end of the trading day. Look for continuation lower.

Technology Sector Update for 03.29.2008

SELECT SECTOR SPDR TECHNOLOGY SECTOR ETF - XLK

Monthly chart shows indecision between the bulls and the bears. Current support off the $19.75 area is currently holding.

Weekly chart shows weakness with last week's trading activity. Is this profit-taking, or renewed selling. Look to next week for better sense of direction.

Daily chart shows consolidation range. IF this is wave 4 consolidation, THEN look for lower low to complete wave 5. Next week's trading activity should give better sense of direction.

Technology Sector Update for 03.15.2008

SELECT SECTOR SPDR TECHNOLOGY SECTOR ETF - XLK

Monthly chart shows continued weakness. No buy signal/pattern evident on this timeframe.

Weekly chart shows a doji/spinning top candle pattern made with last week's trading activity. Look for test of the low at $19.75 area.

Daily chart better shows the trading range and consolidation pattern. Look for text of low and support of $19.75 area.

Technology Sector Update for 03.08.2008

SELECT SECTOR SPDR TECHNOLOGY ETF - XLK

Monthly chart shows no buy signal/pattern. IF the up trendline is broken, look for the next downside target to be the .618 fib level of $18.00 or so.

Weekly chart shows price below all key moving averages. Look for continuation lower and a test of the January low.

Daily chart shows price to be in consolidation/trading range for now. Look to next week's trading activity for better timing and short term direction.

Technology Sector Update for 03.01.2008

SELECT SECTOR SPDR TECHNOLOGY SECTOR ETF - XLK

Monthly chart shows increased selling pressure. First downside target of interest is the .618 fib retracement level of $18.06.

Weekly chart shows price to be below all key moving averages. Look for continued weakness and a test of the $19.75 low.

Daily chart shows small consolidation range. No buy signal/pattern current evident on this timeframe.

XLK Update for 02.24.2008

SELECT SECTOR SPDR TECHNOLOGY ETF - XLK

Monthly chart shows continued weakness. No buy signal/pattern on this timeframe.

Weekly chart shows consolidation and weakness. No buy pattern/signal evident on this timeframe.

Daily chart shows consolidation consolidation range. Price below all key moving averages. Look to next week for better signal.

Technology Sector Analysis for 02.17.2008

SELECT SECTOR SPDR TECHNOLOGY ETF - XLK

Monthly chart shows 5 waves up into current resistance of $28.60, which was made in November 2007. IF we have 5 waves, THEN look for abc 3 wave correction into the .618 fib level. No buy signa/pattern evident on this timeframe. Look for continued weakness and at the very least, a test of the january low.

Weekly chart shows the indecision faced by the bulls and the bears last week. Price remains below all key moving averages. Look for test of the January low.

Daily chart shows resistance at the $23.75 area holding for now. Friday saw bears gapping down the price at the open, and the bulls just managed to close the gap. Looks like more consolidation/trading range activity before the next move.