The Six Tech Charts That Just Need Bigger Charts

Technology stocks have reached historic levels of performance and institutional positioning, with S&P 500 Tech seeing its best two-month gain in 36 years. However, despite record momentum exposure and fund inflows, Nasdaq valuations remain below their five-year average.

Key Takeaways

• 1.S&P 500 Technology sector recorded its third-best two-month gain since 1990 at 36.1% during April and May.
• 2.Institutional momentum exposure is at record highs, significantly exceeding the previous peak set in 2021.
• 3.Hedge fund gross and net allocations to Info Tech have more than doubled in the past year.

Table of Contents

• 36-year best
• Top of the channel
• MoMo (= tech) exposure
• HF positioning in global tech
• Option positioning
• Largest inflow since the last (interim) peak
• Before we get too bearish

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