If this so called bottom in oil any good, then we should see some improvement in this sector, along with this HUGE sector, the market will get better.
Apart from this chart - DIA - Broke out. MDY - Broke out. The next is SPY ? we shall see.
as a note to fellow traders, At any given point in time, you should know where the Sectors are. This should drive your trading decisions. Not a news article, that says, "oh Oil is at the bottom, buy them"
3, That's awesome.
Now watch out the XLY, Discretionary sector, which typically gets more money when oil is cheap. Is now starting to follow XRT - retail sector.
I cannot stress this, Know where the Major sectors are, and what they are doing wrt SPX.
Need help to simplify your sector analysis and save some valueable time, let me know. I can give you a few links to know where they are.....