Tech Sector Bounces Off Support

The S&P 500 Technology sector is up 6.90% from its mid-November intraday low.  The bounce couldn't have come at a better time for Tech, which had been struggling mightily and significantly underperforming the rest of the market.  Technicians have got to like the bounce as well since it occurred at a very key support level that formed off of two highs in 2011 and the June 2012 low.  You can see the bounce off of support clearly in the chart below.