Consumer Staples [[XLP]] Neutral. It had been in a long term bullish uptrend, but since Mid-January, has been moving sideways with a slight bullish bias. From a recent low in March, it has reversed to the upside. A move above $30 would resume the bullish trend.
Consumer Discretionary [[XLY]]: Neutral. Consolidating. Resistance is at 34.
Energy [[XLE]]: Bullish. Double top breakout. Sector continues on fire as oil prices ramp up. Lots of long trade ideas in this sector. [[MXC]] certainly is indicative of the speculation in this group.
Financials [[XLF]]: Bearish pattern, consolidating. Strong resistance to the upside in this trading range up to 30. A break above 31 would initiate a double top breakout pattern, but still a long ways off. Support at 25. Continue to look for short ideas in this sector, or stay away. Need I say more?
Health Care [[XLV]]: Bearish. Double bottom breakdown pattern. Support is at 30. A break below could eventually take it down to 23. Look for short ideas in this sector as well.
Industrials [[XLI]]: Neutral (bullish bias). Reversal to a Bullish PnF chart pattern developing. A move to 42 would initiate a spread triple top breakout.
Materials [[XLB]]: Bullish. Double top breakout. Has broken out to new highs after long period of consolidation from 39 – 42. Strong support at 40 – 41.
Tech [[XLK]]: Neutral. Consolidating. On the watch list. A move to 28 sets up a potential bullish breakout. This is a sector that continues to show good development toward the long side. Strong support at 20 – 21.
Utilities [[XLU]]: Bullish. Breaking out of a double top after period of consolidation. Strong support at 39.
Telecom [[IYZ]]: Neutral (from Bearish last week). Starting to show improvement and has recently been forming a bullish Low Pole Reversal pattern. Developing…
Disclaimer: This information is not intended to be used as the primary basis of investment decisions. Because of individual investors requirements, it should not be construed as advice designed to meet the particular investment needs of any investor. Consult your financial advisor prior to taking any actions. The information and opinions contained here are those of the author and are not necessarily the same as those of iBankCoin, its principals or its affiliates. The author may have a position in one or more stocks mentioned here. Trade at your own risk.
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