Consumer Staples [[XLP]] Neutral, bullish potential. 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 to 29 would set up a bullish breakout.
Consumer Discretionary [[XLY]]: Neutral, bullish potential. Consolidating. Resistance is at 35.
Energy [[XLE]]: Neutral. Reversal developing. Supply coming back in on the majors. Strong potential to be range bound.
Financials [[XLF]]: Bearish. No surprises here.
Health Care [[XLV]]: Bearish. Double bottom breakdown pattern. Support is at 30. A break below could eventually take it down to 23.
Industrials [[XLI]]: Bullish. Reversal to a Bullish PnF chart pattern still intact. A move to 42 would initiate a spread triple top breakout.
Materials [[XLB]]: Bullish. Double top breakout still intact. Has broken out to new highs after long period of consolidation from 39 – 42. Strong support at 41. A drop below 43 confirms a reversal of the current bullish trend.
Tech [[XLK]]: Neutral. Consolidating. Reversal developing. PnF buy signal will be confirmed at 28. This is a sector that continues to show positive development toward the long side. Strong support at 21.
Utilities [[XLU]]: Bullish. Most bullish sector. Breaking out of a double top after period of consolidation. Good support at 40. Strong support at 39.
Telecom [[IYZ]]: Bullish (from Neutral last week). Low pole reversal pattern. Demand coming in.
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Leveraged Inverse ETFs:
Top Buys: [[DXD]], [[SKF]], [[DUG]]
Other Buys: [[SDS]], [[QID]], [[SCC]], [[SSG]], [[SRS]]
NOTE:
NYSE Bullish Percent Index: Currently 54.94% of stocks on the NYSE are trading above their 50 DMA. Bullish trend will reverse near term if that number drops below 52%.
DJIA looking oversold here.
S&P in a downtrend.
Naz 100 looking oversold as well.
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.
