The Innovators ETF
FFTY
is being underperforming the
SPX
since February. This ETF is concentrated in growth stocks; so is a good barometer for that sector of the market. I see a volatility contraction pattern (VCP) with lowering volume, classic pattern before a crazy breakout. This breakout could be upward or downward, the thing is to be reactive.
At the moment its relative strength against the
SPX
haven't indicated anything bullish, and the price is below the 20 day and 50 day MA. I'll be waiting for confirmation. The bullish sign for me is that some tech names have been making good breakouts, like
CRWD
,
UPWK
and
U
. For me these stocks could be the next leaders.
FFTY
is being underperforming the
SPX
since February. This ETF is concentrated in growth stocks; so is a good barometer for that sector of the market. I see a volatility contraction pattern (VCP) with lowering volume, classic pattern before a crazy breakout. This breakout could be upward or downward, the thing is to be reactive. At the moment its relative strength against the
SPX
haven't indicated anything bullish, and the price is below the 20 day and 50 day MA. I'll be waiting for confirmation. The bullish sign for me is that some tech names have been making good breakouts, like
CRWD
,
UPWK
and
U
. For me these stocks could be the next leaders.