{"id":83395,"date":"2023-11-11T11:49:43","date_gmt":"2023-11-11T16:49:43","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/tech-stocks-are-breaking-out-defying-bears-and-signaling-year-end-strength-analyst\/"},"modified":"2023-11-11T11:49:48","modified_gmt":"2023-11-11T16:49:48","slug":"tech-stocks-are-breaking-out-defying-bears-and-signaling-year-end-strength-analyst","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=83395","title":{"rendered":"Tech stocks are breaking out, defying bears and signaling year-end strength: analyst"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002710206\" role=\"document\">\n<p>Strength in technology stocks as U.S. equities enjoy a bounce off their October lows looks like a breakout that signals the potential for strength into year-end, a technical analyst said Thursday.<\/p>\n<p>\u201cAfter a 12% correction from the July highs, the bears thought tech was finally cracking but the sector has come roaring back with a 10% rally off the lows while clearing levels of key resistance,\u201d said Kevin Dempter, analyst at Renaissance Macro Research, in a note. <\/p>\n<div class=\"paywall\">\n<p>The Technology Select SPDR ETF<br \/>\n        XLK<br \/>\n       is breaking out above the downtrend in what technicians call a bullish flag pattern while the relative price makes new highs, Dempter said (see chart below).<\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetMediaIllustration\n            inline\n  article__inset\n          article__inset--type-InsetMediaIllustration\n            article__inset--inline\n  \"><\/p>\n<p>          <!-- eventually when we know what this card will be we can change it and leave this one --><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-inline\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>The sector is now overbought and may be vulnerable to some \u201ctactical weakness,\u201d Dempter cautioned. But the \u201ckey observation,\u201d he said is that tech \u201clooks poised for further upside into year-end and does not at all resemble a top.\u201d<\/p>\n<p>The tech-heavy Nasdaq Composite<br \/>\n        COMP<br \/>\n       index eked out a gain Wednesday for its ninth straight rise, while the S&amp;P 500<br \/>\n        SPX<br \/>\n       rose for an eighth straight day,  the longest winning streaks for both indexes in two . The Dow Jones Industrial Average<br \/>\n        DJIA<br \/>\n       snapped a seven-day winning streak Wednesday.<\/p>\n<p><strong>In One Chart:<\/strong> Rare stock-market event? Here\u2019s how many times the S&amp;P 500 has seen a 9-day winning streak in the last 95 years.<\/p>\n<p>RenMac says investors should continue to focus long positions on large-cap tech shares, but look to branch out beyond the so-called Magnificient 7 group of ultralarge cap stocks that have dominated the 2023 stock-market rally.<\/p>\n<p>Would-be bears have shied away from shorting the Magnificient 7, data shows. Data from a team of quantitative-equity strategists at Bank of America showed that short interest in the group, which includes seven of the eight most valuable publicly traded U.S. companies, has fallen to an record low at around 1% of the group\u2019s aggregate market capitalization.<\/p>\n<p><strong>See: <\/strong>Nobody on Wall Street wants to bet against the \u2018Magnificent Seven\u2019<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/a-tech-stock-breakout-defies-market-bears-and-signals-strength-into-year-end-analyst-says-aadf05ab?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Strength in technology stocks as U.S. equities enjoy a bounce off their October lows looks like a breakout that signals the potential for strength into year-end, a technical analyst said Thursday. \u201cAfter a 12% correction from the July highs, the bears thought tech was finally cracking but the sector has come roaring back with a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":83396,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-83395","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tech stocks are breaking out, defying bears and signaling year-end strength: analyst | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Strength in technology stocks as U.S. equities enjoy a bounce off their October lows looks like a breakout that signals the potential for strength into\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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