Google It:

We are in a bull market, at least for technology. On a YTD basis, the XLK is the best-performing major S&P sector up 21%, right in line with communication services. After that to round out the top 3 is discretionary, a nice combination of growth-like groups. And we hear all the chatter as to have the mega caps are responsible for all of the S&P 500’s gains this year in the first quarter. More participation is needed, but perhaps it is giving some time for those that have not contributed a chance to play catch up. In the meantime stick with what is working and as always implement sound risk management. Below is the chart of GOOGL and round number theory is coming into play (has now recorded 3 WEEKLY consecutive CLOSES above par in 2 years), with the stock looking more comfortable above the par figure, an area of prior concern. It surged above the number on 2/2 but remained above it for only for 3 more sessions. This time around it feels more “relaxed” above 100 with 12 consecutive CLOSES above it. Keep it simple, and a nice cup with handle base is setting up here and one can open up a position here (use a stop below 97) and add to above the 106.69 pivot.

This article requires a Chartsmarter membership. Please click here to join.