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Tech sector rallies as $591 emerges as a major resistance, Scott Redler notes
Tech stocks experienced a significant move in the previous session, as highlighted by Scott Redler. He described the action as strong Day 1 upside follow-through in the sector.
Redler suggested a tactical approach of trimming and trailing positions in QQQ as it approaches micro resistance at $582 and bigger resistance at $586. He identified $591 as a key level that could cap any further rallies in the coming days.
Redler has recently highlighted important technical levels as SPX futures fell 32 points with SPY trading near key support and resistance. He also reported a 120-point drop in S&P 500 futures during a steep decline across global markets. These earlier observations provide context for his current tactical outlook on tech sector moves.
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