One of the more noteworthy developments in recent days has been the move in metals. The VanEck Vectors Steel ETF (SLX) is testing the early 2017 high earlier this week. SLX has risen 15 percent YTD, outperformed the S&P. Now the question is whether the rally has more legs? In fact, according to our “U.S. Market Trading Map”, recent weakness is merely a pause that refresh. Below is an update look at a trade in the SLX.
The graphic below is from our “U.S. Market Trading Map”, show the near-term technical bias and trading ranges. As shown, the underlying is in a short-term bullish trend when the price bars are painted in green. The underlying is in a short-term bearish trend when the price bars are painted in red.
Chart 1.1 – VanEck Vectors Steel ETF (daily)
Our “U.S. Market Trading Map” painted SLX bars in green (buy). Over the past few days, SLX has been trending lower in a short-term corrective mode as it worked off overbought conditions. The correction is testing support at last week’s bullish breakaway gap. Wednesday’s bullish long tail bar is a clear indication…Click here to read more.
You see, our trend-following system is very unique as it attempts to pick turns before others see them. Timing is everything and if you’ve applied our system correctly, you should have made a killing in any markets.
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