We finally have a week of lower highs and lower lows this week. This week’s move is putting a pause on our multi-week rally since March. However, we closed at the long term support at 883 from the December 2002 crash zone. And as you can see from Figure 2, things are getting pretty congested around this 880 zone. Nevertheless, I’ve initiated a short in GE with a tight stop to catch this ride. I would need to see a more prominent lower high and lower low established before being more aggressive on the shorts.
S&P 500 ETF
S&P 500 ETF
GICS Sectors Review
I’ve taken this chart directly from the Cara Community RSI tool. I find that my graphical charts are not efficient as a summary tool. Hopefully this numerical chart can do complement my charts well. I’ll need to work out a more efficient sectors review system in the future.
Ticker  |
Last |
RSI7d |
RSI7w |
RSI7m |
Zone (estimate) |
|
XLE *
|
48.00 | 44.9 | 54.08 | 37.68 | |
|
XLB *
|
25.83 | 48.95 | 64.88 | 41.39 | |
|
XLI *
|
21.80 | 44.01 | 55.71 | 35.73 | |
|
XLY *
|
22.13 | 32.43 | 54.81 | 42.96 | |
|
XLP *
|
22.37 | 49.17 | 55.9 | 35.7 | |
|
XLV *
|
25.33 | 60.54 | 56.61 | 36.85 | |
|
XLF *
|
11.53 | 48.37 | 56.91 | 33.41 | |
|
XLK *
|
16.80 | 39.51 | 57.75 | 41.83 | |
|
IYZ *
|
17.52 | 43.85 | 58.84 | 41.99 | |
|
XLU *
|
25.94 | 33.99 | 46.27 | 29.79 |
6 months: XLE XLB XLI XLY XLP XLV XLF XLK IYZ XLU
1 month: XLE XLB XLI XLY XLP XLV XLF XLK IYZ XLU
5 days: XLE XLB XLI XLY XLP XLV XLF XLK IYZ XLU
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My name is Paul and I am a full-time engineer, part-time trader. Back in 2000, I deposited my $5000 interest-free student loan with an online broker. Since then, my interest in trading has become an obsession.
One Trackback
[...] 1st and the one in March too (a couple of weeks ago for the March line). We closed the week on a long term support at 887 going all the way back to 2002 as I opined last week. So with so little volume (week before long weekend in U.S.), it’s no wonder we [...]