Friday, March 04, 2016 11:23:02 AM
3/3/16 OFFENSIVE All Nine Sector SPDRs in Short-term Uptrends
All nine sector SPDRs are in short-term uptrends and above their 50-day moving averages. Four could be considered in long-term uptrends. Note that the Industrials SPDR (XLI), Technology SPDR (XLK), Consumer Staples SPDR (XLP) and Utilities SPDR (XLU) are above their 200-day moving averages. At this point, XLI and XLK are the new leaders in 2016. XLP and XLU were the leaders at the beginning of the year and are still in uptrends. I am just showing six month candlestick charts to define the short-term uptrends, which range from 3 to 6 weeks. I will be watching short-term support levels (marked in green) for signs of weakness in the broader market. Breakdowns in five of the nine sectors SPDRs would tilt the market evidence bearish.
All nine sector SPDRs are in short-term uptrends and above their 50-day moving averages. Four could be considered in long-term uptrends. Note that the Industrials SPDR (XLI), Technology SPDR (XLK), Consumer Staples SPDR (XLP) and Utilities SPDR (XLU) are above their 200-day moving averages. At this point, XLI and XLK are the new leaders in 2016. XLP and XLU were the leaders at the beginning of the year and are still in uptrends. I am just showing six month candlestick charts to define the short-term uptrends, which range from 3 to 6 weeks. I will be watching short-term support levels (marked in green) for signs of weakness in the broader market. Breakdowns in five of the nine sectors SPDRs would tilt the market evidence bearish.
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