Consumer Staples [[XLP]]: $28.08 Neutral. Reversed its downtrend this past month since a near term low in March. However, still consolidating. Bullish breakout at $30.
Consumer Discretionary [[XLY]]: $31.70 Neutral. Consolidating. A break down to $30 would reverse the current short term uptrend. Resistance is still at 34.
Energy [[XLE]]: $86.26 Neutral (down from Bullish last week). Reversal of a double top breakout early last week. Supply coming back in. The fact that this leading sector has weakened is not a good sign for the overall market, given the rise in crude oil prices. This is the sector to key off of.
Financials [[XLF]]: $24.65: Bearish pattern, consolidating. Strong resistance to the upside in this trading range now at $29 (down from $30). A move to 30 would initiate a double top breakout pattern, but still a long ways off. Support at 24. Continue to look for short ideas in this sector, or stay away.
Health Care [[XLV]]: $31.35 Bearish. Double bottom breakdown pattern. Continues its losing ways. Support is at 30. A break below could eventually take it down to 23. Good sector to continue to look for short ideas.
Industrials [[XLI]]: $37.79 Bullish, but weak. Bullish Low Pole Reversal PnF chart pattern. A move to 42 would initiate a spread triple top breakout.
Materials [[XLB]]: $43.87 Bullish, but weakening. Double top breakout pattern still valid. Has broken out to new highs after long period of consolidation from 39 – 42. Strong support still at 40 – 41.
Tech [[XLK]]: $24.48 Neutral, slightly bullish. Consolidating. A move to 28 sets up a potential bullish breakout. This is a sector that continues to show development as it consolidates toward the long side. Strong support at 20 – 21.
Utilities [[XLU]]: $40.91 Bullish. Maintaining its bullish posture since breaking out in April from a double top, after consolidating. Strong support at 39.
Telecom [[IYZ]]: $25.97 Neutral. A fairly bullish pattern has been developing in this sector. One to keep an eye on.
Overall, the Market is looking like it could continue to roll over. We should get an indication of a sustainable downturn this week. Short term traders may want to continue to play the market to the downside.
Disclaimer: This information is not intended to be used as the primary basis of investment decisions. Because of individual investors requirements, it should not be construed as advice designed to meet the particular investment needs of any investor. Consult your financial advisor prior to taking any actions. The information and opinions contained here are those of the author and are not necessarily the same as those of iBankCoin, its principals or its affiliates. The author may have a position in one or more stocks mentioned here. Trade at your own risk.
