Tech Is Back

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Just a few weeks ago, Tech looked like dead weight — it was the main culprit behind the recent market correction and was on the verge of completing a massive top.

But fast forward to today, and the picture looks very different.

Price briefly broke below a critical support zone, only to snap back with force as buyers stepped in exactly where they needed to — trapping the bears and flipping the narrative.

Now, XLK has reclaimed the VWAP anchored to the all-time highs.

That’s the equivalent key level that the major indexes are fighting with right now.

And with Tech making up close to 30% of the S&P 500, it remains the engine of the broader market.

If we hold above that VWAP, the odds lean toward a sharp V-shaped recovery.

Steve Strazza went LIVE this afternoon with a breakdown of earnings from Meta Platforms and Microsoft. Watch it here.

Alfonso