TradingKey – U.S. stocks weakened overall last Friday as strong nonfarm payrolls data fueled Fed rate hike expectations, sending the S&P 500 down 0.4% and the Nasdaq down 0.3%. However, the memory chip sector bucked the trend to become one of the market’s strongest segments, with the Roundhill Memory ETF surging 6.61% and SanDisk (SNDK) jumping 11.90% to $1,740, making it the best-performing stock in the S&P 500 that day; Micron (MU), Western Digital (WDC), and Seagate Technology (STX) all gained around 6%.

SanDisk daily stock price chart, Source: TradingView

Looking at SanDisk’s daily stock price chart, last Friday’s sharp rally significantly improved its short-term structure. The stock price has continued to rebound from an interim low…