SMO Exclusive: Strength Report Technology Sector 2024-10-17

Brian Degracia

17 Oct 2024 • 3 min read

Tech Sector broadly strengthened with 3 of 5 industries strengthening enough to change rating. The +0.8 strengthening in the composite rating is healthy.

For the week ending Thursday, October 17, 2024, broad Strengthening in Computer Hardware, Computer Software & Services, Electronics (Chips/Semiconductors), Internet, and Telecommunications:

24 of 30 sub-industries strengthened
43%:10% 1Strongest:9Weakest stocks ratio
71% of stocks positive

Three of five industries strengthened enough to change rating and the composite strength score increased by 0.8 to 4.0 (on a scale of 1Strongest through 9Weakest, this rating is 4Strong). This is a healthy increase.

Details below, genuinely unique and unavailable elsewhere because I created this method from scratch to answer on an on-going basis the following question: “Where is there strengthening and weakening in the market at the stock, sub-industry, and industry levels?”

This matters because it gives you the chance to quickly and conveniently

stack strength by quickly finding the strongest stocks in strong/strengthening sectors or
stack weakness with the weakest stocks in weak/weakening sectors.

See this post for the current market context - it has changed as of the trading day 2024-10-16. TLDR: no new shorts.