Technology stocks are notably lagging the financials and materials today. The key going forward is likely to be seen in whether we see a rotation out of tech into other areas, or if tech leads the whole market lower.
Looking at the intraday, five-minute SPY chart below, we can see that despite how awful the broad market fade off the highs feels, the opening gap higher remains intact. Observing whether the market can make another push this afternoon should give us insight into the staying power of today’s move.
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