The market has done well over the last three days, but it would be doing much much better if its biggest sector, Technology, weren't struggling so much. The S&P 500 and nine of ten sectors are currently above their 50-day moving averages, and Tech is the only sector below its 50-day. As shown below, just 23.9% of stocks in the Tech sector are above their 50-days, which is truly pathetic given that every other sector has a reading of 49% or higher. Even the hated Financial sector currently has 80% of its stocks above their 50-days. This is not a good sign for Tech given that it usually does well when the market rallies.
So what gives? Why is Technology struggling so much?