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tdp2664 InvestorPlace Serge Berger is the head trader and investment strategist for The Steady Trader . Sign up for his free weekly newsletter . The oversold bounce in equities that started on Friday carried over to Monday's trading and continued in full force right into the close. Because of the current speed/volatility of the market, we must focus on close-up charts to get a better read of the situation. The hourly chart of the S&P 500 shows that with yesterday's rally the index has now come back to test the bear flag from which it fell out of last week from underneath. The stochastic indicator (not shown) is well into overbought territory and a slowing of the oversold bounce should be in order barring any bazookas fromEurope. Both in terms of the broader indices and in terms of the S&P 500 sectors, technology was one of the major laggards yesterday. Semiconductor stocks as measured by the Semiconductor HOLDRs (AMEX: SMH ) closed up just 0.27%, while the Nasdaq 100 close up just 1.24%. Large-cap technology stocks have so far remained the last hiding spot for investors as stocks like Apple ( NASDAQ : AAPL ) and Amazon.com ( NASDAQ : AMZN ) have remained stable.
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