June 1, 2023–The 10 Trillion Dollar Market cap of 7 Big Tech = Toppish?
Nobody wants to look at the markets because plenty of stocks are trading at new lows, or just hanging thinly traded at 3 year supports while the BigTech still trades at all time highs if not 52 week highs. Let’s take a look on the sectors:
$XLK — V Shape Rally? due to AI wave?
$XLY — Still downtrend though looking to break 156?
$XLC — Retracement recovery but still weak at the 38.2% Fibonacci (still below 50%)
Year to date performance from S&P500 shows the sector’s winners mostly hailed from Tech, Communications, consumer cyclicals, Semiconductors, Software applications. The rest are particularly weak with the capital markets primarily financials bleeding the most.
$XLF Financials still teetering to lower lows
$XLP Lower and Testing Prior supports in March 2023
$XLE Energy and $XLB Materials both teetering to March’23 lows
$XLRE Real Estate Weak Trading at 2021 levels
$XLV Healthcare and $XLI Industrials Also trading at 2021 and 2022 and 2023 support levels
$XLU Utilities also just barely at support
Courtesy from Bespoke Invest