As I paged through the S&P 500 charts during my normal weekend review, I started to identify some consistent patterns in the leadership sectors of Consumer Discretionary and Technology. Today I’ll share with you how I bucket these charts by their patterns, and why the Consumer Discretionary Sector SPDR (XLY) is likely the most important chart to watch.
I found “lower high” charts, with Apple (AAPL) as perhaps the most obvious example and mirrored by the S&P 500 chart itself. These charts stand out as they have been unable to eclipse their highs from early September which could potentially mark the beginning of a Dow Theory downtrend of lower highs and then lower lows.
You can read more over at seeitmarket.com.
RR#6,
Dave
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