Tech stocks are breaking out, defying bears and signaling year-end strength: analyst

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.

The Technology Select SPDR ETF XLK is breaking out above the downtrend in what technicians call a bullish flag pattern while the relative price makes new highs, Dempter said . The tech-heavy Nasdaq Composite COMP index eked out a gain Wednesday for its ninth straight rise, while the S&P 500 SPX rose for an eighth straight day, the longest winning streaks for both indexes in two . The Dow Jones Industrial Average DJIA snapped a seven-day winning streak Wednesday.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

A tech stock breakout defies market bears and signals strength into year-end, analyst saysFocus longs on large-cap tech stocks, branch out beyond ‘Magnificent 7’: RenMac
Source: MarketWatch - 🏆 3. / 97 Read more »

A tech stock breakout is defying market bears and signals strength into year-end, analyst saysFocus longs on large-cap tech stocks, branch out beyond ‘Magnificent 7’: RenMac
Source: MarketWatch - 🏆 3. / 97 Read more »

Jim Cramer examines why the 'Magnificent Seven' tech stocks have seen volatility in the marketCNBC's Jim Cramer on Wednesday detailed why the 'Magnificent Seven' tech stocks are often traded on Wall Street.
Source: CNBC - 🏆 12. / 72 Read more »

Jim Cramer examines why the ‘Magnificent Seven' tech stocks have seen volatility in the marketCNBC’s Jim Cramer on Wednesday detailed why the “Magnificent Seven” tech stocks are often traded on Wall Street.
Source: NBCLA - 🏆 319. / 59 Read more »