– ETF Watchlist –
The market is moving higher as of this morning, however, we still believe there could be a little bit more to this pullback in the meantime. The number to watch on the S&P 500 is still at that 4300 mark, a bounce could come there are even a little bit before, but regardless, be careful of going long just yet.
There is still a bit of weakness to the market currently, but if we can build a base at the lower 4300s then we might be able to make another mover higher. With the AI tech boom still very much in place, those looking to go long might want to keep their eyes on when to go long on the tech sector.
Technology Select Sector SPDR ETF (XLK)
The level we have been watching for the past couple weeks on XLK has been 168, which has turned into a nice little support level. If we can get some kind of retest of this level and a move higher, this would be an opportune time to ride this ETF higher.
However, since the market has not really confirmed strength to the upside after pulling back for the last week, you must also watch this level as a breakdown point. If this level should give out this week. Stay away from your long positions for the moment.
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