It’s all about the Technology and Healthcare sectors this year, in terms of gains made, so far, as shown on the following 1-year charts and year-to-date graphs of the Major Indices and 9 Major Sectors.
The laggard, Energy, may be poised for a recovery, if it can hold above its downtrending 50-day moving average.
The Russell 2000 Index is still mired in a large-scale sideways consolidation zone. Watch for any breakout (and sustained hold) above this zone as a potential signal of renewed and serious riskier asset-buying in the markets, in general. (more…)
I am very pleased to let you know about a couple of improvements in SlopeCharts.
First of all, there is a new element on the data line which shows the Y-axis value of wherever it is you are pointing on the screen. This can be useful if you are projecting a target on a chart (or for whatever reason). The x-axis is already there (since it’s a date), but now you can pinpoint the Y-axis with your mouse just by observing the value on the data line.
The other improvement is an enhancing to the existing Rectangle tool. As a reminder, to emphasize a specific part of a chart, you can use the rectangle highlight tool. Select it from the toolbar at the top of SlopeCharts:
Price on the following GDX Monthly chart is currently being squeezed in between major resistance of a 23.6% Fib retracement level and a recent breakout above a long-term downtrend line.
We’ll see if it continues to rally — maybe to 30.00 or even 33.00 — but there is a lot of overhead price supply, so that could be quite a long shot. I’d like to see Money Flow firm up on any further advancement, as that indicator is currently in downtrend on this longer timeframe.