XLB Materials: double bottom, but the ADX cools
Materials Select Sector SPDR ETF slips 2.2% as the ADX keeps sliding
XLB Materials: double bottom, but the ADX cools
Our view last week
Materials Select Sector SPDR ETF has completed the model's coverage at week 12: all 3 statistical targets have been reached, and the residual portion of the position is running at +10% since entry. On the technical side, the week just closed marks a strong return of buying pressure after an uneven stretch, while the price structure stays squeezed between two nearby levels.
This week's summary
A clean double bottom has just formed in the 50 area for Materials Select Sector SPDR ETF, with an 8% intermediate rebound. But the week that closed on July 6 gave back 2.2%, and volume tells a different story: after a week of near-total buying, sellers took the upper hand on the last candle this time, and the ADX keeps sliding. Price remains squeezed between two nearby levels, in the 51 area, in this week's technical analysis for the Materials sector fund.
IQS Phase
46
ordinary
Signal Strength
38
medium · weak
Sizing
REDUCED
Ranking
#94 / 129
US stocks in progress
Trade P&L %
-2.06%
from signal to today
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