Cadence Design Systems
Tue, June 11, 2024 | 11:40AM ET
A rather unusual day for risk assets, as all 11 sectors are down on the day. yet big-cap Technology strength is helping XLK-2.38% rise by +0.85% as AAPL-2.22% breaks out above its $200 level that's held since last July. Other leading stocks within Technology include ANET-1.01% , CDNS-1.23% , NTAP-1.53% and FSLR-0.99% . Two charts of AAPL shown below, daily and weekly. While the short-term momentum is getting stretched, the counter-trend exhaustion indicators remain early to show exhaustion by around a week and a breakout back to new all-time highs for AAPL is certainly important structurally and a larger positive for SPX and QQQ given its size
