After firming for a few days, the Technology ETF (XLK) gapped higher on Wednesday with an open above 26. This is a big gap that is bullish as long as it holds. In the indicator window, the Price Relative turned up as XLK starts to outperform the S&P 500 ETF (SPY).
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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