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Tuesday, May 23, 2017 8:54:07 AM
Utilities Take the Lead with a Triangle Breakout
By Arthur Hill | May 22, 2017
The Utilities SPDR (XLU) is clearly one of the leading sectors in 2017 because it is trading at its highest level of the year. XLU, by the way, is the only sector SPDR that hit a year-to-date high on Monday. The chart shows XLU correcting into November 2016, breaking out in December and then consolidating from mid-March to mid-May. This consolidation just ended with an upside breakout and the breakout signals a continuation of the bigger uptrend. The indicator window shows the PPO(10,40,1) turning positive in December as well and remaining well above zero the entire year. This confirms the uptrend because it means the 10-week EMA is above the 40-week EMA.
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Thanks for tuning in and have a great day!
--Arthur Hill CMT
http://stockcharts.com/articles/dont_ignore_this_chart/2017/05/utilities-take-the-lead-with-a-triangle-breakout.html
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By Arthur Hill | May 22, 2017
The Utilities SPDR (XLU) is clearly one of the leading sectors in 2017 because it is trading at its highest level of the year. XLU, by the way, is the only sector SPDR that hit a year-to-date high on Monday. The chart shows XLU correcting into November 2016, breaking out in December and then consolidating from mid-March to mid-May. This consolidation just ended with an upside breakout and the breakout signals a continuation of the bigger uptrend. The indicator window shows the PPO(10,40,1) turning positive in December as well and remaining well above zero the entire year. This confirms the uptrend because it means the 10-week EMA is above the 40-week EMA.
****************************************
Thanks for tuning in and have a great day!
--Arthur Hill CMT
http://stockcharts.com/articles/dont_ignore_this_chart/2017/05/utilities-take-the-lead-with-a-triangle-breakout.html
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