Under The Radar

Nobody talks about Basic Materials, so let’s take a look.

Like the rest of the major indices, the past few weeks have seen a downdraft, followed by a retrace.

The important part of this sector has been the attempted breakout and failure.

We’re using SPDR, ETF, XLB, as the proxy for DJUSBM.

Basic Materials XLB, Daily

For students of Wyckoff, it’s a typical ‘Up-Thrust’ set-up (not advice, not a recommendation).

Positioning

Opened short XBI, as Trade XBI-25-01, with stop at the day’s session high, 80.69 (not advice, not a recommendation).

Stay Tuned

Charts by StockCharts

Note:  Posts on this site are for education purposes only.  They provide one firm’s insight on the markets.  Not investment advice.  See additional disclaimer here.

The Danger Point®, trade mark: No. 6,505,279