The DOW closed up +336.70 — or about 1.4% on the day — and most of the other indices and sectors had a decent day as well. One day does not make a trend, so let’s take a look at this day within the last few days and weeks to put it in perspective.
The majority of indices and sector charts look about the same where they have formed a higher low and a lower high within a wider range. In other words, the trend is a wide, whippy one. The best looking sector is the internet ETF symbol FDN. Let’s review this in the video below.
I covered FDN in Monday’s letter and some of the best looking stocks in it. Below is the updated chart and, regardless of the rest of the market and sectors that are questionable, this looks great.
The S&P 500 chart below shown with the EFT symbol SPY is what the majority of indices and sectors look like or similar to it. Some sectors like the oil stocks had a much deeper correction (look at XLE), but overall, there is indecision or wide, whippy ranges. That means that there aren’t high odds in either direction in the daily time frame.
Video Update
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Hope this overview helps.
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Greg Capra
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Trading the Pristine Method — Origin and End
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