XLK (Tech Sector)

XLK did not participate in yesterday's intraday positive divegrence which it appears we found out at 10 a.m. why it was set up.

Take a look at what XLK was doing and is doing.

 Almost all charts were positive to the 3 min timeframe, XLK never got close to a positive divergence and on this morning's pop, it went leading negative, but it's the stabbing moves that have been successful lately, we saw them in VXX and had nearly a double on VXX calls yesterday (December).

 This 30 min chart stabbing is a leading negative divegrence in 2-days only, that's fast and that's the reason XLK couldn't participate yesterday, it's hard to accumulate while your distributing.

This is the top of the 10/9 cycle .

Now the intraday 2 min is stabbing as well, you saw the 3 min so that migrated form this 2 min chart, profits or price gains seem to be aggressively under distribution.

I've been waiting for XLK to show fierce signals like this as VXX and XLF have (both market negative).

I still have an open TECS 3x leveraged short TEC ETF position open, I'll let you know when I would consider adding to it or establishing a new one.