Week 47 Sectors Trending and Performance
Trending Heat Map
Week-over-Week Performance
Performance 2022
Technical Observations
The Energy sector XLE price is bouncing around a bit between 90 and 94. Its prior high was at around 92 in June and it seems be having difficulty in breaking through. There is unfilled gap below between 72 and 75. Is that where it is headed? To fill the gap?
The Metals & Mining sector XME has now had 4 attempts to break through its resistance band around 52.5. And it has failed 4 times. If it cannot break through, then next support is around 49. After that could go all the way down to 41.
The Materials sector XLB is hovering over a resistance band around 82. There is an unfilled gap between 82 and 84 above. There is also an unfilled gap between 77 and 79. Which gap will it fill first?
The Industrials sector XLI price is hovering around the resistance band of around 101. It has had a tremendous run from around 82 to 101 over the last 6 weeks. Does it take a breather here? Quite possible. But breather does not necessarily mean pullback.
The Solar sector TAN has consolidated around the price band of 79 - 82 for the last couple of weeks. That is now the resistance band. I do see an unfilled gap between 68 and 70. So, that is the danger area.
The Gold Miners GDX has made a nice bearish to bullish reversal in recent weeks. The price is now approaching a resistance band at around 29 - 30. I hold GDXU which is the 3x leverage of the GDX and will continue to hold for now.
The Financials sector XLF seems bullishly poised to continue its run upwards. It just crossed over a resistance level around 36.
The Semiconductors sector SMH bearish to bullish reversal seems to be ongoing for now. It has a fantastic November so far. The next resistance is around the 245 level which is about 10% away. I will watch this one and take a position shortly.
The Healthcare sector XLV continues to trend bullish and trade quite well. It looks good to make a short-term upside play using options.
The Retail sector XRT looks like making a bearish to bullish reversal. I will be more interested when it breaks out above the 68 level to overcome the immediate overhead resistance.
The Homebuilders sector XHB looks to be making a bearish to bullish reversal. The price is at around 62 and it does face some resistance between here and 65. Beyond that could be clear skies.
The Technology sector XLK is looking to make a bearish to bullish reversal. Although, I still worry that is much below the downward trendline touching the prior 2 highs both of which were lower highs.
The Biotech sector XBI is definitely trying to make a bearish to bullish reversal. Although it has been hovering between 77 and 83 for the last 2 months. But I see that as a bottoming exercise. I will watch this one closely for a future trade.