As such, it’s also part of the S&P tech index, as tracked by the Technology Select Sector SPDR Fund (NYSEARCA: XLK). The handle shouldn’t drop below the prior structure low of the cup pattern that preceded it and should also take shape above the stock’s 10-week or 50-day moving average. Techs, as a whole, experienced some sales declines as customers tightened their belts due to inflation, higher interest rates, and uncertain economic conditions.