The Chart Report

The best technical analysis being done by the best technicians in the world every day.

  • Daily Chart Report
  • Archives
  • About Us

Chart of the Day – Monday, August 7, 2023

August 7, 2023 Patrick Dunuwila

$XLC Communications vs $XLK Tech

change in trend in the mega caps?

~ 48% of the $XLC ETF is $META & $GOOGL
~ 45% of the $XLK ETF is $AAPL & $MSFT pic.twitter.com/Ycl15wXJMn

— Christian Fromhertz 🇺🇸 (@cfromhertz) August 7, 2023

Today’s Chart of the Day was shared by Christian Fromhertz (@cfromhertz). Many have been calling for a rotation out of Mega-Caps in the second half. However, we’re seeing a rotation among Mega-Caps instead. The Communications sector ($XLC) is the new year-to-date leader after recently pulling ahead of Tech ($XLK). The ratio between the two sectors ($XLC/$XLK) is trying to reverse higher in favor of $XLC, and it’s above the 50, 100, and 200-day moving averages. The two largest Tech stocks ($AAPL & $MSFT) have come under pressure recently, while the two largest Communications stocks ($META & $GOOGL) have picked up the slack. The Mega Caps are passing the baton between one another to prevent exhaustion, allowing the whole team (the S&P 500) to run further. 

$XLC, $XLK, Chart of the Day, Christian Fromhertz, Rotation

Recent Posts

  • Daily Chart Report 📈 Friday, December 1, 2023
  • Chart of the Day – Friday, December 1, 2023
  • Daily Chart Report 📈 Thursday, November 30, 2023
  • Chart of the Day – Thursday, November 30, 2023
  • Daily Chart Report 📈 Wednesday, November 29, 2023

Follow @thechartreport

  • Instagram
  • Twitter

© 2023 The Chart Report. All Rights Reserved.

Terms and Conditions - Privacy Policy