Welcome back for another Top Down Trade of the Week.
This is a classic leadership scan.
We start with the best sectors, then drill into the subgroups. We pick one, and then take a look at the top stocks in it.
The market is at an inflection point. Alfonso flagged the key levels the market had to hold onto — you can read that post here. If those levels get reclaimed, the path of least resistance is higher.
This week we want to take a look at Technology. If the market is going to resume higher we expect tech stocks to lead the way.
In a tape that's been punishing anything that shows weakness, Technology has been a quiet source of stability.
It's not leading the board right now, but it's not breaking down either. Sometimes holding steady in the middle of the pack is exactly what you need to see before a sector makes its move.
Here’s a peek at our overall industry rankings, which shows Technology Hardware moving up 10 spots this week to 13th place.
Here are the Top 10 names in the Technology Hardware subsector, ranked by relative strength.
