Technology $XLK is well into the red now as U.S. growth underperforms.
Most interestingly, Technology $XLK just broke down relative to the S&P 500 while Financials $XLF is still outperforming.
While the conditions in U.S. equities hasn't been favorable, it's not indiscriminately bearish. In other words, as technology underperforms, sectors like financials and communications are still holding in.
As investors find out more information on the Trump tariffs today; considering much of this recent money flow out of U.S. stocks has been driven by this rhetoric, it isn't outside the realm of possibility that tech bottoms here on a classic "sell the rumor, buy the news" event.
Of course, for now, the relative trend in tech is now down and we need to wait for confirmation of a trend reversal.
