As we know the internet behemoth is the largest component in the consumer discretionary ETF, the XLY, at nearly one quarter of the fund. It has been newly labeled a consumer name, but this is really a big part of technology. It is the fourth largest holding in the Nasdaq, at 5.6%, and therefore obviously has a big influence on the index. The chart below is an interesting one as it builds the right side of a cup base, and has just recently put on a handle on the pattern too. It sits 8% off most recent 52 week highs, which aligned roughly with the very round 2000 number. The positive signs include the huge move on 12/26/19, jumping almost 80 handles, and breaking above its 200 day SMA, a line that met resistance three times between last October-November. Give the base credit too as the handle is forming in the upper half of the pattern as well. To be balanced it has been trading a bit wide and loose, and that what makes a market. The only thing that matters in the coming weeks is a CLOSE above the cup with handle pivot, as PRICE supersedes all other indicators.