Tech stocks are in strong momentum. The index has broken 13,000 and is at an All time High (ATH).
Regular followers of our blog know that we love any asset at ATH as that is the purest indication of bullishness.
Tech stocks are showing huge momentum as compared to the broader SP500 index. See the relative strength chart below:
The relative strength line is trending upwards and comfortably above the 50 month moving average. While there are bound to be corrections in the future. there is nothing in the chart which currently suggests any reason to short. The message is clear in Tech stocks: Stay long or be wrong!