The following Monthly chart of the Financial Sector (XLF) shows that it has been on a strong rally since mid-2017. It’s approaching major resistance around the 30.00-31.00 level (prior all-time high and double Fibonacci retracement levels).
GE looks to be in trouble, as it has failed to hold onto gains made after the 2008/09 financial crisis and has fallen well below longer-term major support.
However, it has just risen above a major price and Fibonacci retracement resistance level (18.66), as shown on the following Monthly chart. It will need to hold above this level and gain strength to reach its next (price) resistance level around 21.40, and, ultimately, its next Fib level at 26.65, or higher.
Watch for any increases in volumes on such a rally to confirm a potential comeback. Otherwise, it may just be a temporary dead-cat bounce.
As can be shown on the following Year-to-date percentage gained/lost graphs, U.S. Major Indices and Sectors extended their gains into Friday’s close, except for Utilities and Consumer Staples.
However, they did so on rising volatility, as shown on the following SPX:VIX Daily ratio chart. (more…)
Since the December 8, 2016 U.S. Presidential election, the Dow 30 Index has gained around 42.57%, as of 2:00 pm ET today (Thursday). It also crossed above a new all-time high of 25,500, as shown on the two Daily charts below.
Since November 8, 2016, the following percentage gained/lost graphs show that, to date (as of Thursday),
- 8 of 9 Major Indices increased from 27.31 to 41.58%, while the 9th posted gains of 4.71%
- 6 of 9 Major Sectors gained from 26.09 to 44.69%, while the remaining 3 gained from 8.93 to 12.37%
This post will outline how the U.S. Major Indices, Major Sectors, S&P 500 Index and the SPX:VIX Ratio performed throughout 2017 and how they ended the year.
U.S. MAJOR INDICES
The following 1-year daily charts and year-to-date percentage-gained/lost graph show that all Major Indices, except Utilities, are trading well above their 50-day moving average, and that Technology made the most gains, followed by Transports, Large-Caps, Small Caps, and, Utilities.
As noted on the following Monthly chart, 72.00 (40% Fibonacci retracement level) could be the next major target for WTI Crude Oil.
Price briefly hit the 60.00 level today (Tuesday) and is trading above two levels of major support — 54.66 (23.6% Fib retracement level) and 48.00 (price and channel centreline support).