XLK, the tech sector ETF, drops into a correction falling -10.5% off the top. Traders call a -10% pullback a correction and a -20% pullback is a bear market. 10 weeks ago, XLK tops out at 181 and drops to 162.
Tech workers are clenching their buttocks and holding on tight to their fleece vests like a blankie, hoping that a pink slip is not in their future. Silicon Valley employees are so worried, stressed and worked-up about the path forward they can barely keep down their granola energy bars and breakfast smoothies. Don't Worry Baby. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.
Note Added 9/28/23, Thursday Morning, at 5:21 AM EST: XLK drops to 160 yesterday and now sits at 162.
Note Added 10/2/23, Monday Morning, at 4:10 AM EST: XLK is at 164. Bring up the XLK weekly chart. You see that price prints a lower low last week as compared to 6 weeks prior and the chart indicators for the last 2 months are all weak and bleak. That is a sad chart. Any of you invested in tech stocks are going to get punched in the face for the next few weeks. XLK is expected to drop going forward. A multi-week down move is in progress and should continue for much of October.
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