After a recent tumble, XLU looks poised to strengthen again, provided it stays above at or above 46.73.
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Follow Through Needed
The 60min RSI 14 and RSI 5 sell signals on SPX that fixed in the last hour on Wednesday were playing out yesterday. The RSI 5 signal has made target, but the RSI 14 sell signal is still some way short of target. The low yesterday was at a test of the important 50 hour MA on SPX and it could find support there. The falling wedge that I posted on twitter yesterday afternoon is suggesting a possible strong bounce or retest of Wednesday’s high, and if bears want to avoid that then they have important targets below to be tested and broken this morning.
On SPX the key target is rising wedge support from the February low, currently in the 2084 area. A break below would open up the possible H&S neckline in the 2072 area. SPX 60min chart:
The CAT is Out of the Bag
Greetings from the inky morning of Bellevue, Washington, where I’ll be spending the next couple of days at a you-know-what. I always enjoy coming up to the Seattle area, since it combines the high-tech culture to which I’m accustomed with the gloomier weather more suited to my sparkling personality.
I just got an email from one of you who kindly informed me that one of my short positions, Caterpillar, was going to have an interesting day:
