Critical Juncture for Tech Stocks: An Imminent Decision Point
Chris Kimble | Sep 14, 2023 02:53
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, NASDAQ 100 Equal Weighted, 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, the price is being squeezed by overhead resistance and up-trend support.
h2 There isn’t much wiggle room in play currently, so something (support or resistance) has to break soon./h2And whichever way price breaks will bear importance for investors.
September could turn awfully exciting soon. Stay tuned.
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