Tech Must Step Up:  

As investors sit on pins and needles to see if last week’s firm ascent was for real, charts can help answer that $64000 question. Below is the chart of the XLK, which is essentially a levered AAPL and MSFT fund, but those behemoths carry a lot of sway. Apple is making a habit recently of CLOSING near highs for the daily range, even last Friday’s finish did so after a tumultuous pre-market start after earnings the afternoon prior. MSFT has been acting much better as of late after a big move lower on 10/26 and is now back above the 340.96 double bottom pivot it broke above on 11/1 (a more aggressive entry would be through a double bottom with handle trigger of 346.30). The XLK recorded a devilish 6.6% rise last week, its best in exactly one year with the week ending 11/11/22 skyrocketing 10%. That jumpstarted the rally into this summer, but notice it first had to retest the lows of that week before the real catapult began. I feel some digestion of last week’s move is needed and then a push above 173 would also negate the doji candle from the session, and break the string of lower highs. 

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