It’s important to note that healthcare remains resilient with the Health Care Select Sector SPDR ETF (XLV) closed at record high Tuesday. XLV outperformed the boarder market, up more than 12 percent year-to-date. According to our “U.S. Market Trading Map”, there could be more gains ahead for the ETF. Below is an update look at a trade in XLV.
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. The yellow bars identify period of neutral or sideways trading pattern. Additionally, the light-blue shading represents the short-term trading range. A move above or below that range is considered overbought (as represents by the red shading) or oversold (as represents by the dark-green shading). Readings above or below the red and green shaded areas are considered extremely overbought or extremely oversold.
Chart 1.2 – Health Care Select Sector SPDR ETF (daily)
Our “U.S. Market Trading Map” painted XLV bars in bright green (strong buy). It’s currently testing resistance just below the 78 zone following last week’s bullish breakout above the early June high. Money Flow measure hovers nearly multi-month high, indicating…Click here to read more.
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