The Industrial Sector is Bullish
We are monitoring the relative strength in the Industrial Sector (XLI), which indicates buyers accumulating shares near the 50ma. This persistence has turned the cycle noticeably higher. Also, note the wick on Monday’s candle, where buyers stepped in at the low of the day.
Summary
Industrial Sector Components – Buy the Dip
This is a quick glance at the S&P500 SPDR XLI components. Several stocks are breaking out and most are trading above their respective 20 and 50 day moving averages. If price action remains above the 9/20ema and 50ma, we consider bullish trades only.
Consider these stocks for longer-term swings, if XLI pushes higher today. And, remember the overall cycle in the NYSE Composite (2000 stocks) remains on a bullish trend.
Futures are modestly higher this morning.
Happy Tuesday,
Vinny
https://theclosingprint.com/CV_Blog/cyber-monday-opening-range/