It was another bifurcated market day on Tuesday, but under the surface there was much more bullishness than on Monday. For one, six sectors rose instead of one. Secondly, all of the aggressive sectors gained ground, led by industrials and consumer discretionary. Healthcare the hottest sector in 2017 thus far, extended its winning streak to six consecutive sessions, but may have hit a short-term wall of resistance putting its winning streak in jeopardy.
Key Takeaways:
- It was another bifurcated market day on Tuesday, but under the surface there was much more bullishness than on Monday.
- Earnings and economic news will remain very quiet until Friday morning when a plethora of economic reports hit The Street in addition to four very key earnings reports from the banking industry.
- I believe that the recent breakout on the weekly chart at $52 per barrel is the start of a much longer uptrend.
“It was another bifurcated market day on Tuesday, but under the surface there was much more bullishness than on Monday. For one, six sectors rose instead of one.”
http://stockcharts.com/articles/tradingplaces/2017/01/airlines-jump-on-lower-crude-oil-prices.html
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