Online retail names (Overstock, Ebay, Etsy, Shopify, Chegg, Stitch) vs. Mobile payment names (Paypal, Visa, Square, Mastercard, Fiserv). IT Services strength being obliterated by Tech focused Consumer Discretionary names..
Online Retail ETF (IBUY) displaying the workings of a potential bearish RSI divergence. A break below the 21 day EMA would trigger a sell stop for me..
How far can it go? Been holding a 13 EMA since Apr 6th. Currently consolidating at the 61.8 fib level. Looking to take long if breaks above this level. PT $77.12 If break below 13 EMA looking for small reversal.
COVID-19 resulted in Online Retail ETFs reaching new all-time highs on a relative & absolute basis. Online Retail/SPY has been known to move similarly to CD/CS. We've seen CD/CS break diagonal resistance, but remains below its June 2018 ATH. EW CD/ EW CS is still heavily lagging and well below its June 2018 high