The Closing Print live trading and financial blog during market hours.

The S&P 500 industrial sector broke out to fresh 52-week highs on Thursday. Many of the components within the sector look ready for more gains in the short term.

Several stocks in the waste-management services Industry growth look prime for higher prices, as the bulls wrest control away from the bears. Winning stock picks are in this industry group show buying interest, so a little homework on your part is necessary.

Waste Management (WM) if peeking above a multiple top consolidation pattern. RSI suggests higher prices are possible. Volume is noteworthy, as institutions are obviously buying shares. MACD is rising as well, speaking to bullish momentum that has yet to dissipate in any meaningful way. We would look to take a long using the TD setup first, and swing only if the stock closes near the highs of the session.

Republic Services (RSG) is pressing against an upper trend line. The previous consolidation and pattern suggests a  “Measured Move” (MM) of +3. 67.86 then becomes our short term target. Use the TD setup here as well. Once again, we see RSI rising, with plenty of room before becoming overbought.

Support on both of these candidates is just below current levels, as VBP illustrates. With support just below and the whole sector being bought, we would also like to see the S&P500 move higher. We’d also like to see a close near the highs of the session, to swing any new entries.

More than likely, additional sectors will show evidence of buying today, as technology stocks bounced off the 50sma daily yesterday. Watch the Nasdaq100 as well. NDX showed resilience right where it was needed on the Thursday lows. We need to see a continuation day, to begin thinking “time to increase” our position size and quantity.

Happy trading,


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