One of the more noteworthy developments in recent days has been the move in consumer staples. Despite stocks rallied across the globe, the Consumer Staples Select Sector SPDR ETF (XLP) down nearly 7 percent from its record high set in June 2017. The ETF fell 0.6 percent MTD, bringing its 2017 gain down to 3.8 percent. Now the question is how low can it go? Below is an update look at a trade in the XLP.
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 – Consumer Staples Select Sector SPDR ETF (daily)
Our “U.S. Market Trading Map” painted XLP bars in red (sell). There is a distinct possibility that XLP had developed a top up trend reversal pattern, or double top pattern in other words. The development time is about 7 months and the height of the pattern is not too big. These features suggested…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.
This is just an example of many successful trades that our member had enjoyed recently. After all, aren’t you glad you subscribed?
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