Tech Stocks, Leading Market Bounce, Just Made Up Half Their Loss
- S&P 500 tech index beats other industries in past four days
- FANG block of mega-caps doing better with 61.8% retracement
BMO Capital Markets' Belski Sees 'Circle of Life' in Markets
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It’s too early to sound the all clear after the worst equity selloff in two years. But if you take a look at tech stocks, things are heading in the right direction.
Not only is the biggest industry in the U.S. market is leading the four-day bounce from the bottom. The S&P 500 Information Technology index also just passed 1,131, marking a 50 percent retracement of the slump from Jan. 26 to Feb. 8, using intraday extremes. That’s bullish for chart watchers.