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Tech has been a source of strength in this week’s choppy market, and big technology names could well be the leaders to take the market higher into the first quarter, technical analysts said.
In the tug of war between cyclicals and growth, tech has been winning lately. The sector is the top performer this week, with financials the only other major S&P sector showing some strength. The S&P 500 is down 0.6% in the same period, closing at 3,687 Tuesday.
Chart analysts say the glidepath for a short-term rally still looks clear, and tech could help lead the S&P 500 to the 4,000 area, before a market correction in the first quarter.