It has been a wild ride for the Technology SPDR (XLK) since August, but the ETF is showing signs of strength by holding the 200-day moving average in May. The red line shows the 200-day SMA dissecting the chart in the 41.5-42 area. Note that XLK broke above this key moving average in early March and is now testing this breakout here in May. I consider the cup half full (bullish) when XLK is above and half empty (bearish) when below.