Catching a bid

Yesterday the SPX bounced off its 50 DMA and after the significant sell-off the technology sector had in particular over the last week, the 3X leveraged tech ETF TECL managed to find support on its 200 DMA.

Given the SPX might have a bit more room to the upside if it manages to trade near its other recent highs of 1474 and 1470, the tech stocks should have a bit of a run as well.  Given today's move in TECL, a run to 60 perhaps is in the cards. If not, the low of yesterday, $50.48 is the stop on the position.