Shaking The “Monday Blues”:
Technology still is not being given the attention it thinks it deserves. And rightfully so as it has lagged every other major S&P sector this year so far. Consensus is usually right, but perhaps the group is trying to forge a sustained move higher here, and more than a transitory gain. Monday for the first time it CLOSED back above its 50 day SMA for the first time since strongly slicing the line on 5/10 losing more than 2.5%. As the markets excel in confounding the most, it too started its rally on a Monday, where “turnaround Tuesday” has been the norm. In fact 4 of the last 5 Mondays were lower (4/26 rose by .9%), with the 5/10 and 4/19 sessions standing out with the latter falling 1%. The 5/19 session recorded a bullish counterattack candle that traded intraday into the bullish harami from 5/13. The bullish ascending triangle is still climbing the “wall of worry”. If the climb gathers steam toward the very round 14000 number, the third time could be the charm breaking through. Progress was halted there in February and April.