Chart of the Day - Thursday, June 15, 2023

$XLK tech ~1% from new highs pic.twitter.com/I8mM4vfTvV

— Matt Petrallia, CMT (@theEquilibrium) June 15, 2023

Today’s Chart of the Day was shared by Matt Petrallia (@theEquilibrium). Technology continues to be the strongest sector, with $XLK up more than 40% year-to-date. Matt points out that $XLK is roughly 1% away from all-time highs, after clawing its way out of a  34% drawdown. This was the worst drawdown for $XLK since it recovered the dot-com bubble highs in 2017. Technology is by far the largest sector, with a massive 28% weighting in the S&P 500. Together, $AAPL and $MSFT represent more than 45% of the Technology sector, and both stocks closed at record highs today. Tech has already been partying for months now, but perhaps the real party is about to begin as it attempts to emerge from an 18-month base, within a strong secular uptrend.