Without a doubt, technology stocks are the leader within global stock markets and the global economy. So when the technology sector nears a major trend decision point, investors and consumers should be watching!
And that is exactly what we have on display today, as several tech-related stock market indices are trading deep into narrowing patterns.
Below is a chart 4-pack highlighting narrowing patterns on the Nasdaq 100 (QQQ), Nasdaq 100 Equal Weighted Fund, Nasdaq Composite, and S&P 500 Index.
As you can see, these indices are trading higher (green arrows & line) within a down-trending channel (red arrows and shading). As such, price is being squeezed by overhead resistance and up-trend support.
There isn’t much wiggle room in play currently, so something (support or resistance) has to break soon. And whichever way price breaks will bear importance for investors.
September could turn awfully exciting soon. Stay tuned!!
Chart 4-Pack: Technology Stock Indices
Note that KimbleCharting is offering a 2 week Free trial to See It Market readers. Just send me an email to firstname.lastname@example.org for details to get set up.
Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.