Nearly every intermediate market top in the last 20 years has gotten there on relative tech strength and bottomed on tech weakness. Right now tech is strong relative to the S&P as it was during the 2000 tech bubble.
I believe things have not improved significantly enough to see a sustained bounce. I see this rejection of the low 260's to be very bearish, especially because the step downtrend has held. The stimulus bill will not make up for what is happening in our economy in the short term. We traded at this level in late 2017, early 2018 and again late 2018. The earnings and...
The idea here is that you want to be careful. As a trader you're looking for a move above 272 for a relatively clear path towards 280. At 280 we will meet massive overhead supply, the top of the Oct-Dec 2018 range, and lastly FIB resistance. At the same time if this move fails to hold over weekend into Monday. One can argue it's one of the best short opportunities...
