May 23, 2013 at 8:50 AM | written by Arthur Hill
An interesting divergence is brewing between lumber and housing stocks. Lumber Futures ($LUMBER) fell around 25% the last two months, but the Home Construction iShares (ITB) hit a 52-week high recently. Something may need to give because lumber and housing stocks are positively correlated for the most part.
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May 21, 2013 at 12:14 PM | written by Arthur Hill
Solar stocks are on the move today and volume is increasing in several names. The image below comes from the “strong volume gainers” scan on the
pre-defined scans page. Click any of the headings to sort this table. There are five solar-related stocks making the cut.
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May 20, 2013 at 11:29 AM | written by Arthur Hill
Energy related stocks are catching a bid as Spot Light Crude ($WTIC) challenges the $97. The chart below shows the Oil & Gas Equipment/Services SPDR (XES) breaking flag resistance and hitting a 52-week high on Monday. The flag zone now turns into support.
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May 16, 2013 at 11:58 AM | written by Arthur Hill
Chartists can view the StockCharts Technical Rank (SCTR) for stocks in the S&P 500, S&P SmallCap 600, S&P MidCap 400 and Toronto Stock Exchange. These ranks can be sorted by change to find the biggest movers. Simply click the column heading the sort. Cisco (CSCO), Network Appliance (NTAP) and Molson Coors (TAP) are leading Thursday’s charge.
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May 15, 2013 at 12:18 PM | written by Arthur Hill
The Networking iShares (IGN) moved lower from early February to mid April and then bounced the last five weeks. This bounce is forming a rising wedge and nearing broken support, which turns resistance. RSI is also in its resistance zone (50-60). Thus, the moment-of-truth of truth is near with Cisco reporting earnings after the bell.
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May 14, 2013 at 11:40 AM | written by Arthur Hill
The overall trend for the CRB Index ($CRB) is down this year, but the index bounced back above 288 this month. It looks like a strong jobs report and rebound in commodities was more than Treasuries could take as the 30-Year US Treasury ($USB) fell over 4% this month. Notice that $USB is negatively correlated with $CRB.
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May 13, 2013 at 1:54 PM | written by Arthur Hill
The chart below shows six commodity group ETFs from PowerShares. The Silver Trust (DBS) and Precious Metals Trust (DBP) are the weakest year-to-date, while the Energy Trust (PBE) and Oil Trust (DBO) the only ones with gains, albeit small gains. These year-to-date gains stem from strength in Natural Gas ($NATGAS) and the recent rebound in West Texes Intermediate ($WTIC).
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May 10, 2013 at 6:36 AM | written by Arthur Hill
The S&P 500 %Above 200-day SMA ($SPXA200R) is a breadth indicator that measures the degree of participation. The S&P 500 is trading near a 52-week high and over 90% of its components are above their 200-day moving average. This shows a high degree of participation and the indicator is at its highest level since May 2011. At this point, the indicator is at an extreme and still bullish. A break back below 80% would provide the first sign of material weakening.
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May 09, 2013 at 11:30 AM | written by Arthur Hill
The S&P 500 ETF (SPY) surged to new highs in May, but the defensive sectors did not go along for the ride. The CandeGlance charts below show the Healthcare SPDR (XLV), Consumer Staples SPDR (XLP) and Utilities SPDR (XLU) peaking in late April. XLP and XLV have traded flat, while XLU declined below its 20-day moving average.
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May 08, 2013 at 11:11 AM | written by Arthur Hill
Point & Figure charts filter out the noise and ignore time to give chartists a clean look at price action. On the 60-minute P&F chart below, the S&P 500 bounced off the 1540 level three times since mid March. This is about as clear of a support level as you will see and chartists should watch it going forward.
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