dorfmanmaster

Materials at multi-level support

Long
AMEX:XLB   SELECT SECTOR SPDR TRUST
Materials sector has been showing relative strength . It is actually 3th in YTD performance, after 1. Technology, 2. Discretionary (Mega-cap lead sectors)


Today it is resting on the 100ema, which has been supportive since march 23rd crash.
This level is also coinciding with early 2020's high, as well as 4 other tests of the support; including a failed breakout, which worked the next time it tried.

OBV has been supportive of the uptrend. (BULL)
RSI showing slight divergence as the last bottom late September has a slightly higher RSI (10) than the current one . (BEAR)

A strong close below $60 would deny the support, and make the chart a short-term bearish one .

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