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Monday, October 14, 2019 10:00:36 AM
Consumer Discretionary Poised To Lead Market Higher
By: Tom Bowley | October 14, 2019
* (Click Read Full Story »»» at the bottom of the page for the charts to appear on the post)
Last week, there were eight industry groups within consumer discretionary (XLY) that gained 2% or more, lead by the rapidly-improving apparel retailers ($DJUSRA), which gained 4.57% and broke out to 5 month absolute and relative highs:
The strength in the DJUSRA helped the XLY bounce off trendline support this past week. I believe the XLY is trending higher both short- and long-term. Looking at the potential short-term uptrend channel, the highs could get very exciting, but first we'll need to negotiate the double top (red arrows below) that took place in July and September:
I believe we're going to see a big push higher in the S&P 500. There are three signals that, if triggered, would almost guarantee higher prices ahead. I'll discuss all 3 and point out several individual stocks that look enticing to me as we head into their earnings reports in this afternoon's "Q3 Earnings Sneak Preview" webinar. It starts at 4:30pm EST and you can CLICK HERE to register. It will be open to the public and is totally FREE! Hope to see you there!
Happy trading!
Tom
Read Full Story »»»
DiscoverGold
By: Tom Bowley | October 14, 2019
* (Click Read Full Story »»» at the bottom of the page for the charts to appear on the post)
Last week, there were eight industry groups within consumer discretionary (XLY) that gained 2% or more, lead by the rapidly-improving apparel retailers ($DJUSRA), which gained 4.57% and broke out to 5 month absolute and relative highs:
The strength in the DJUSRA helped the XLY bounce off trendline support this past week. I believe the XLY is trending higher both short- and long-term. Looking at the potential short-term uptrend channel, the highs could get very exciting, but first we'll need to negotiate the double top (red arrows below) that took place in July and September:
I believe we're going to see a big push higher in the S&P 500. There are three signals that, if triggered, would almost guarantee higher prices ahead. I'll discuss all 3 and point out several individual stocks that look enticing to me as we head into their earnings reports in this afternoon's "Q3 Earnings Sneak Preview" webinar. It starts at 4:30pm EST and you can CLICK HERE to register. It will be open to the public and is totally FREE! Hope to see you there!
Happy trading!
Tom
Read Full Story »»»
DiscoverGold
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Your Due Dilegence is a must!
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