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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.

Russell 2000 Chart

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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.

XLK Chart

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