Materials and Tech Close Strong

09/27/2010 10:37 am EST

Focus: ETFS

Thomas Aspray

, Professional Trader & Analyst

Click to Enlarge

The action Friday was quite positive—after a minor three-day pullback, stocks closed strong. Two key sector etfs, Materials Select Sector SPDR (NYSEArca: XLB) and Technology Select Sector SPDR (NYSEArca: XLK) performed quite well. XLB formed much higher lows in August before breaking out above its previous highs. The next chart resistance level is at $34 with the upper trading channel in the $35-$35.50 area. There is good support now at $32. XLK also is acting strong, closing on the week’s highs with further resistance at $23.50-$24. There is initial chart support in the  $22.30-$50 range.

Tom Aspray, professional trader and analyst, serves as video content editor for The views expressed here are his own.

  By clicking submit, you agree to our privacy policy & terms of service.

Related Articles on ETFS

Keyword Image
Safe Money's Defensive Moves
12/05/2018 5:00 am EST

This stock market is flailing around like a fish out of water, with whipsaws increasing every week, ...