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With an input value of one day, the rate-of-change indicator shows which of the following 9 Major Sectors gained/lost the fastest in today’s action (2-month and 1-year daily charts below).
In this regard and in particular, watch for any continued strength in Energy (XLE) and any continued weakness in Financials (XLF) next week and beyond, which may equate to equity weakness, in general.
As shown on the daily chart below, Bitcoin has recently broken above several types of resistance, namely a downtrending Andrew’s Pitchfork channel, and two downtrend lines.
There are two potential scenarios for Bitcoin relative to the pitchfork channel:
Keep an eye on the momentum indicator. It’s in the process of forming a higher swing high, hinting of further strength ahead, but we’d need to see a series of higher price swing highs and lows to suggest that its downtrend has reversed with any conviction. Otherwise, it may head towards 4000. (more…)
