A tech stock breakout defies market bears and signals strength into year-end, analyst says

Focus longs on large-cap tech stocks, branch out beyond ‘Magnificent 7’: RenMac

Strength in technology stocks as U.S. equities enjoy a bounce off their October lows looks like a breakout that signals the potential for strength into year-end, a technical analyst said Thursday.

The Technology Select SPDR ETF XLK is breaking out above the downtrend in what technicians call a bullish flag pattern while the relative price makes new highs, Dempter said . The tech-heavy Nasdaq Composite COMP index eked out a gain Monday for its ninth straight rise, while the S&P 500 SPX rose for an eighth straight day, the longest winning streaks for both indexes in two years. The Dow Jones Industrial Average DJIA snapped a seven-day winning streak Wednesday.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

MarketWatch /  🏆 3. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Credit-card, auto-loan ‘stress’ rises as U.S. consumers fall behind on paymentsPercentage of auto-loan balances ‘seriously delinquent’ has jumped to the highest since 2010, says RenMac
Read more »

Nobody on Wall Street wants to bet against the ‘Magnificent Seven’Short interest in the highflying megacap tech stocks is at an all-time low
Read more »

Jim Cramer examines why the 'Magnificent Seven' tech stocks have seen volatility in the marketCNBC's Jim Cramer on Wednesday detailed why the 'Magnificent Seven' tech stocks are often traded on Wall Street.
Read more »

Jim Cramer examines why the ‘Magnificent Seven' tech stocks have seen volatility in the marketCNBC’s Jim Cramer on Wednesday detailed why the “Magnificent Seven” tech stocks are often traded on Wall Street.
Read more »

Stock Market News Today: S&P 500 on Winning Streak; Disney Stock in FocusLive coverage of stocks, financial and economic news, including the S&P 500, Dow and Nasdaq Composite.
Read more »

Stock Market News Today: S&P 500 on Winning Streak; Disney Stock in FocusLive coverage of stocks, financial and economic news, including the S&P 500, Dow and Nasdaq Composite.
Read more »