The metals and mining industry is performing solidly on both an absolute and relative basis.
This chart depicts the trend in relative strength of the S&P Metals & Mining ETF against the S&P 500 benchmark index. $XME/SPY - the relative ratio chart is showing five strong weeks of relative gains.
Interestingly, the ratio is above prior resistance on strong blue "Go" trend conditions. And, GoNoGo Oscillator has rallied positive after months of indecision at the zero-line on heavy volume.
Here's the checklist:
1) Trend is a "Go" (uptrend)
2) Momentum confirming price action
3) Volume confirming the positive momentum
Better Charts. Better Decisions. GoNoGo Charts
This chart depicts the trend in relative strength of the S&P Metals & Mining ETF against the S&P 500 benchmark index. $XME/SPY - the relative ratio chart is showing five strong weeks of relative gains.
Interestingly, the ratio is above prior resistance on strong blue "Go" trend conditions. And, GoNoGo Oscillator has rallied positive after months of indecision at the zero-line on heavy volume.
Here's the checklist:
1) Trend is a "Go" (uptrend)
2) Momentum confirming price action
3) Volume confirming the positive momentum
Better Charts. Better Decisions. GoNoGo Charts