Money Control Place
  • Politics
  • Business
  • Stocks
  • Investing
  • Politics
  • Business
  • Stocks
  • Investing

Money Control Place

Stocks

Technology Long-Term Double-Top?

by July 10, 2023
July 10, 2023
Technology Long-Term Double-Top?

Admittedly it is early, very early to make a pronouncement that a double-top is “in”, but we do have a second top and it could be THE top. We’ve annotated the prior long-term top from 2021. Technology’s bear market began in earnest at that time. The Silver Cross Index was not as high as it is now. It is very overbought.

Granted the Golden Cross Index is rising and could rise higher. Many of the stocks within the sector have EMAs that are configured as XLK. Price is well above both the 50/200-day EMAs. The loss of a Golden Cross requires price to move below the 200-day EMA, that is a long way down for many of the very overbought stocks within Technology.

We have a bearish Adam & Eve double-top in the short-term on XLK that suggests at the very least a pullback. The PMO is in decline after bearishly topping beneath the signal line. Participation is holding strong, but is overbought in all timeframes. Nowhere left for those indicators to go except down.

Conclusion: Technology is very overbought and we could be looking at a long-term double-top. At a minimum we have a short-term double-top that suggests a pullback. We will want to watch the Silver Cross Index closely, if we see a drop beneath the signal line it will be character change or “bearish shift”.

Subscribers have access to the Golden Cross/Silver Cross Indexes for nine indexes, 11 sectors and five industry groups.

Get Two Weeks FREE!

Come try out the DecisionPoint Alert and DecisionPoint Diamonds reports for free! Just use coupon code: DPTRIAL2 and you get two free weeks! Cancel at anytime.

Learn more about DecisionPoint.com:

Watch the latest episode of DecisionPoint on StockCharts TV’s YouTube channel here!

Technical Analysis is a windsock, not a crystal ball. –Carl Swenlin

(c) Copyright 2023 DecisionPoint.com

Helpful DecisionPoint Links:

DecisionPoint Alert Chart List

DecisionPoint Golden Cross/Silver Cross Index Chart List

DecisionPoint Sector Chart List

DecisionPoint Chart Gallery

Trend Models

Price Momentum Oscillator (PMO)

On Balance Volume

Swenlin Trading Oscillators (STO-B and STO-V)

ITBM and ITVM

SCTR Ranking

Bear Market Rules

DecisionPoint is not a registered investment advisor. Investment and trading decisions are solely your responsibility. DecisionPoint newsletters, blogs or website materials should NOT be interpreted as a recommendation or solicitation to buy or sell any security or to take any specific action.

0
FacebookTwitterGoogle +Pinterest
previous post
Bank Earnings: JP Morgan vs. Goldman Sachs
next post
Industrials Ignite as Bitcoin Blasts Off

Related Posts

The Bottom is Here or Rapidly Approaching

April 14, 2025

The Top Candlestick Pattern For Entries

March 22, 2024

Stay Ahead of the Stock Market: Key Bond...

April 19, 2025

The Halftime Show: Momentum on Our Side, But...

July 6, 2023

Nasdaq DROPS on Weak AMZN, TSLA & GOOGL...

February 9, 2025

When in Doubt, Follow the Leadership

April 19, 2025

These Breadth Charts PROVE How Strong This Bull...

March 30, 2024

SharpCharts vs. ACP – Comparing & Contrasting Your...

September 27, 2023

5 Simple and Powerful Uses for Moving Averages

June 13, 2024

The Ord Oracle August 1, 2023

August 2, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • 3 S&P 500 Charts That Point to the Next Big Move

    • Joe Rabil’s Undercut & Rally Pattern: From DROP to POP

    • Prospectus

    • Critical Metals Secures US$120 Million Loan LOI for Tanbreez Rare Earths Project

    • Mali Court Seizes Control of Barrick Gold Mine Amid Escalating Dispute

    • Galan Lithium Limited: A$20 million Placement to Strategic Partner

    Categories

    • Business (1,256)
    • Investing (2,578)
    • Politics (3,699)
    • Stocks (1,667)
    • Uncategorized (20)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: MoneyControlPlace.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 moneycontrolplace.com | All Rights Reserved