One of the noteworthy developments in recent days has been the move in airline. The sector, which performs better in a low oil prices, has been under selling pressure in recent days after crude oil climbed above the important sentiment $70 mark for the first time since November 2014. The U.S. Global Jets ETF (JETS) fell 1.1 percent this week, bringing its YTD lost up to 7.6 percent, underperformed the S&P by a wide margin. Now the question is whether recent selloff is a beginning of an end or there’re more pains ahead? Below is an update look at a trade in JETS.
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 – U.S. Global Jets ETF (weekly)
Our “U.S. Market Trading Map” painted JETS bars in red (sell) – see area ‘A’ in the chart. The first dominant feature on the chart is the rising trend line starting in mid-2016. The second dominant feature of the chart is the downward trend since early 2018. The late April selloff pushed the ETF below the 4-year moving average, breaking an important support…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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