Far East Revival?
With all the banter over mega-cap tech names, in the internet space, it is going to be a tough ask for KWEB if one is comparing it to the FDN. The three largest holdings in the FDN are AMZN META and GOOGL. Facebook is by far acting the best as it currently trades just 6% off its most recent 52-week highs while AMZN and GOOGL are 37 and 22% off their annual peaks. META is on a 4-week winning streak, although volume has declined with each successive week (this week was holiday-shortened). CSCO the 4th largest holding continues to build above the round 50 number, a former ceiling during the range between 40-50 for almost one year. Looking at the KWEB it could be building the right clavicle on a bullish inverse head and shoulders formation. BABA is feeling more comfortable above its 200-day SMA with Thursday recording its eighth straight CLOSE above the secular moving average. Baffling is the action of former best-of-breed PDD which is trying to settle along its own 200-day. Perhaps it needs a gap fill from the session before a possible move back upward.