Has the Market Put in a Bottom?

Positive signs surfacing, but important piece of the puzzle still missing

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The Russell 2000 looks similar, although so far has technically displayed a better potential bottom-forming process. It, too, however needs clear upside confirmation in order for me to take any of this marginally positive candlestick action serious.

06 20 11 rut Has the Market Put in a Bottom?

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Sector-wise, energy and technology were the two losers for the day on Friday. Due in part to Apple (NASDAQ: AAPL), which has a 12.25% weighting in the Technology Select Sector SPDR (NYSE: XLK), the XLK has now closed below its March lows. Apple, for its part, is looking weaker with each passing day, and on Friday, it slipped another 1.51%, closing below the 200-day SMA, lateral support and just barely below a longer-term uptrend. For XLK, the next more meaningful support comes in the area of $23.70 to $23.80.

06 20 11 technology sector1 Has the Market Put in a Bottom?

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Article printed from InvestorPlace Media, http://investorplace.com/2011/06/daily-stock-market-news-has-the-market-put-in-a-bottom/.

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