The Technology SPDR (XLK) and the Finance SPDR (XLF) remain in uptrends overall, but Friday’s intraday reversal could signal a near term peak and result in a bearish wedge. The first chart shows XLK hitting a new high in early April and then declining below 35.25 with a sharp pullback. This decline seems deep and drastic, but it is not any deeper than the late January decline, which did not result in a long-term trend reversal. As with the late January decline, XLK recovered after the early April decline and moved right back towards its highs last week.