Sideways Consolidation – S&P 500, Nasdaq 100 & XLK Chart Analysis
By Bennett Tindle May 6, 2021
While there has been a lot of bearish talk on the streets recently, the hard-right-edge of the chart, often your best leading indicator of future price action, remains constructive and in a still well-defined uptrend. Remember, sideways price action is generally healthy and supportive of continuation. Moving forward we maintain a 4300 upside price objective in the S&P 500, and expect the breakout to materialize from either the current trading range, or from our downside support cluster near 4050. In terms of growth and technology stocks, we do have some potentially concerning price action in development in the Nasdaq 100 and XLK Technology Sector, so be sure to tune in as I take you through the charts, outlining my game plan along the way.
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