SPDR Select Sector Fund - Techn
Investment Thesis
XLK just printed a new 52-week high, but RSI at 83 and a 20% gap above the 50-day MA represent one of the most extreme overextensions in a year — with weakening breadth and a complacent put/call ratio adding fuel to a potential mean-reversion pullback toward prior resistance near $159.
Catalysts to Watch
XLK closed at a new 52-week high of $175.52 on May 8, with RSI(14) surging to 83.19 and price extending 20.3% above the 50-day MA — while broad market breadth simultaneously deteriorated to 50.8% (stocks above 50-day MA) and the equity put/call ratio collapsed to 0.53, signaling complacency at the highs.
Why It May Work
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Timeline
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