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The S&P 500 is taking a breather this afternoon, with the index off 10 bps. The technology sector has been consolidating nicely over the past couple of days and look ready to break higher using the XLK as a proxy, as do the financials using the XLF as a proxy.
We can see on the hourly chart the recent consolidation taking place, and the ETF seems primed and ready to pop higher.
In the daily chart of the XLF, we can see the ETF looks primed to move higher.
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Michael Kramer is the Founder of Mott Capital Management LLC, a registered investment adviser, and the manager of the company’s actively managed, long-only Thematic Growth Portfolio. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Upon request, the advisor will provide a list of all recommendations made during the past twelve months. Past performance is not indicative of future performance.