The materials sector has actually performed extremely well. 9 straight green weekly candles and the highest weekly close in the history of the ETF. I really like this sector and some of the stocks in the top ten haven't even broke out yet. I guess my question is, was last week a strong enough breakout to take this sector higher and to the next Fibonacci level? I...
Material stocks have been stuck in a tight range since the bear market began almost two years ago. But they could be showing signs of a potential breakout.
The first pattern on today’s chart of the AMEX:XLB Materials Select Sector SPDR ETF is Friday’s last print of $86.83. It was the highest weekly close since May 2022. That may suggest that investors are...
AMEX:XLB a basic materials ETF has been basing for almost a year. Today it broke out just above the most recent flat base. As auto generated by this LevelUp chart.
I have started a ¾ sized position as it is a slower mover so I can go bigger to start a position. My stop is just below the most recent low, which is just over a 5% stop loss.
Ideas, not investing /...
The material sector may be about to break out of an AVWAP squeeze pattern. Look for a breakout above $83.50 supported by volume.
Alternatively, it might dip to $81.50 and be bought at a value after upward momentum returns.
Investors waiting for a more probable long term support zone could wait until price action retraces to the top of the channel .
This channel has kept price action in check since the early 2000/s
We only broke out of the channel when we expanded the monetary supply and lower rates to zero.
Materials Sector is getting oversold on the daily chart and tagging a key daily upsloping trend line.
A technical bounce is favoured at this level, however there is a weekly support level lower that is much stronger if this were to sell off more.
This bounce may only last a few days unless the indices firm up.
We have a double bottom breakout and currently consolidating at the apex of the "W" (circles). On its way to challenging the prior pivot high at 84.04 and all time high at 85.86. From there, it's free sailing.
I just made this tonight as I was going over all the sectors. AMEX:XLE is about to drop off a cliff.... RIP $OIL...... when I pulled this one... I was stunned by the massive drop off.... massive sell offs occurring right now before our eyes.... Only dumb money left in the market....Markets as a whole are overbought currently..... XLB is indicating that we are...
My highest conviction idea this week is that AMEX:XLB is going to continue falling.
* February (monthly) broke above the previous month's high, but then fell.
* March, it has continued to retreat.
* It has broken down below January and December's lows, next 'target' is November's low, which is 71.27
* Quarterly chart shows a break above previous quarter's high,...
G/G trend
13/21/34 Propulsion Dots,
RAF has just fallen below extremes.
Touching Vscore support from fisrt of the year, along with first of the year VWAP.
Darvas 3.0 signal
Entry on break above Minor High @ 83.05.
Move stop to B/E @ 83.95 (50% Fibonacci)
Profit Target - $85.20.
Stop Loss @ 25% Options
Looking @ 17March23 Options 83 Calls.
Option interest is...
I have decoded the following model in Tradingview
This is the sector rotation model where different sectors are stronger at different points in the economic cycle.
Here my results in Tradingview by creating this ad-hoc layout
I compare relative strengths of sectors at different points in the economic cycle with sectors which are stronger at previous...
AMEX:XLB
A double top played out in qtr1 and established a down trend for the next two quarters. Price action recently broke this trend line as well as the 200sma and printed not only at a recent top but also a S/R range going back into 2021. With RSI at the door of overbought territory and MACD at one of, if not the highest in recent time, upside gain (if...
Hey all, XLB is in a downtrend. When you know what the trend is, you play with it accordingly. I perceive XLB will be a very solid short when $SPY reaches $389, and I will be shorting XLB. I think this is a very safe short with a massive safety net & margin for error.
