Since the 2009 lows, tech has done very well, up over 190% in the past 5 years. This rally has pushed momentum to levels not seen in 14 years! We have to go back to the peak to find momentum this high. At the same time momentum is lofty, the NDX 100 is hitting a line in the sand that has been important for the past 24 years!

I believe that it can be rewarding to pay attention to leadership. Even though tech has done well, Bio tech has been white hot over the past 24 months. The inset chart reflects that two leading bio tech companies and Bio tech ETF (IBB) have broken support lines of late.

Should we pay attention to tech due to momentum and patterns? I think so!

How The Recent Decline In Stocks Looks "Eerily" Like Major Bear Markets Of The Past