If we jump over now to the XLK, this is the XLK on the intermediate term rising phase. You have a 78.6 at about 192. You have this old high at 19870s. So uh we are going to be looking for a move through right around 192 to then set up uh a move back to the old swing high.
Overall translation has been very very strong. RS is clearly positive. So that is why we are assuming that this is the key low on the intermediate term until we are told otherwise and that is at 16646.
Okay. So that's where we are right now in the XLK shortterm is just simply building right. It is in a consolidation process. allow that to happen and try not to get over anxious about entering opportunities.
Uh when you're seeing the slim ribbon acting the way it is, it's very flat. Yes, it is slightly positive, but it is very flat. Right? So that says there isn't really anything happening yet in the XLK.
You have this old high at 19174. You have a short-term trough 915 to around 9:22. If we can start clearing these old highs at about 192 here, that would set up the old swing high there at 194 quarter and then this old high here at 1987 or so.
Absent of that, we're in a holding pattern right now. We just need to let this breathe. Okay, so that's look there at the XLK. Again, short-term on the MCM is bullish. Intermediate term is also very bullish. So, very strong action overall in the XLK.