While it took more than a year, the S&P 500 Technology sector became the first of the ten major sectors to to break above and close above its 'pre-Lehman' closing level from 9/12/08. Yesterday's close of 337.23 eclipsed the 9/12/08 closing price (337.20) by a slim margin of 0.03, so while the bulls will take it as a sign of the markets returning to a state of normalcy, bears will need to see a more convincing break above those levels.
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With Technology finally closing above their pre-Lehman levels, the next sector to watch is Health Care which is the next closest sector to its 9/12/08. However, given that the sector still needs to rally an additional 11.3% to get there, we wouldn't hold our breath waiting.