"The tide is turning against the Tech financial industry. The glorious years enjoyed by tech companies flaunting their small piddly little innovations are now coming to an end. Imagine a world where companies like Uber are hailed as innovators (Connecting a few thousand cabs to cnetral server is innovation for them). However, it is not enough to turn long-term bearish on XLK (Tech sector ETF) as it remains well above the February low. But the two gaps are showing that money is starting to pull away."
"Summary*: We think the major part of the correction is now getting to a close. We saw a pickup in volumes as friday drew to an end. That is a sign of capitulations. There will be some more follow up next week but we need to watch the velocity of any further correction. The big level to watch on the downside will be the whole area between 2500 and 2530. If 2520 gives way with volume, we could see another 10% correction at a faster pace than the 10% correction we have seen in the last 9 days."
