APPLE MAY BE BREAKING OUT -- TECH SECTOR CONTINUES TO LEAD

John Murphy
by John Murphy,
Pioneer Technical Analyst

TECH SECTOR SHOWS RELATIVE STRENGTH... Stocks are trading higher again today on the back of a stronger than expected jobs report.    Eight of eleven market sectors are rising with technology in the lead.   Relative strength by the tech sector is something we've been seeing a lot of lately.  Chart 1 shows the Technology SPDR (XLK) hitting a new record again today.  Its relative strength ratio in the upper box is rising as well.   Some of the largest stocks in the XLK are also rising.  One in particular may be scoring an upside breakout today.

Chart 1

APPLE IS BREAKING OUT... Chart 2 shows Apple (AAPL) rising above its April peak to reach the highest level in five months.  If those gains hold, that would constitute an upside breakout for the market's biggest stock.

Chart 2
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John Murphy
About The Author:

A trailblazer in intermarket analysis, John authored key texts that shaped technical trading and helped generations of investors decode market trends using charts and correlations. Learn More 

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