As breadth deteriorates across major indices, managers look to hold outlying leadership. This week it has been performance in tech and consumer discretionary holding up the S&p 500. If you drill into the top holdings of
XLK, the info tech sector, you see selling pressure in Adobe
ADBE, Salesforce
CRM, Microsoft
MSFT and others. There are only a few leaders within the leading sector. Apple Inc.
AAPL and NVIDIA Corporation
NVDA are standouts.
The GoNoGo Chart above shows the trend conditions of NVIDIA Corp.'s relative strength against the tech sector $XLK. Unlike $APPl which has a choppy relative trend,
NVDA has steadily outperformed the sector. In turn
XLK has outperformed other sectors in the S&P of late. With 84% outperformance of the technology sector since the "Go" was flagged in May, NVIDIA Corporation is checking boxes for both absolute and relative performance.
Note, GoNoGo Oscillator(R) is testing the zero line where we will look to find support if this trend is meant to continue. GoNoGo Squeeze(R) is beginning to build the amber grid. The longer momentum is at neutral the greater the likelihood for a high vol move in the direction of the break.
The GoNoGo Chart above shows the trend conditions of NVIDIA Corp.'s relative strength against the tech sector $XLK. Unlike $APPl which has a choppy relative trend,
Note, GoNoGo Oscillator(R) is testing the zero line where we will look to find support if this trend is meant to continue. GoNoGo Squeeze(R) is beginning to build the amber grid. The longer momentum is at neutral the greater the likelihood for a high vol move in the direction of the break.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.