Large-cap tech continues to be a major laggard in this year’s rally. It’s particularly surprising since even the defensive sectors of consumer staples and health care are trading near all-time highs. The market’s rally has been all-encompassing except for large-cap tech. The three-year chart of Technology SPDR ETF (NYSEARCA:XLK) actually shows a developing head-and-shoulders pattern which is certainly rare in the current market environment where most stocks are trading above prior highs. The three-year chart with the head in red shoulders in green: Three-year daily chart of XLK Courtesy of Bloomberg Click to enlarge   A good portion of ...