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ITB and XHB have reversed sharply off their opening highs. ITB tagged a 52-week high before pulling back about 1/2%.Al_Dente wrote:pending home sales just came out... bad
IWM, current market leader, is still holding opening gap and OR-30/60... w RVX hitting its LOD. Thus, one must be watching for breakout leadership (or not) from IWM.Daniel wrote:IWM, QQQ holding within their OR-30-- but most sectors are not.. pushing LOD.
boss how about oil as market leaderDaniel wrote:IWM, current market leader, is still holding opening gap and OR-30/60... w RVX hitting its LOD. Thus, one must be watching for breakout leadership (or not) from IWM.Daniel wrote:IWM, QQQ holding within their OR-30-- but most sectors are not.. pushing LOD.
My timeframe here is that of this Board-- a flash in the pan. Short term breakouts, top of range, multiday RS.Al_Dente wrote:boss how about oil as market leader--USO (or juiced is UCO)
thanks bossDaniel wrote:My timeframe here is that of this Board-- a flash in the pan. Short term breakouts, top of range, multiday RS.Al_Dente wrote:boss how about oil as market leader--USO (or juiced is UCO)
"Leadership" could be relative strength over the past few days-- as you often post in those excellent trailing sector-RS graphics. Or it might simply be hitting fresh monthly or yearly highs the past few days, when not all sectors are doing so.
IWM has been a straight blue arrow from bottom left to top right the past couple weeks. Oil has not. The transports have. Foreign markets--not recently.
For daytrade/short swing trade, all macro perspectives are as useless as all macro news.