XLB bounces on volume, but the trend loses steam
XLB rebounds 1.4% on volume as the weekly trend loses momentum
XLB bounces on volume, but the trend loses steam
Our view last week
The Materials sector ETF slips again: down 0.7% in the week that closed on July 13, with sellers making up 69% of volume against 31% for buyers. The weekly RSI eases to 51.5 and the ADX keeps sliding, a sign the trend is losing steam. On the daily chart the double bottom in the 50 area is holding, but price stays squeezed between the 100-day moving average resistance and the 7-day low support, both in the 50 area.
This week's summary
XLB, the US Materials sector ETF, bounces 1.4% with 99% of volume on the buy side, after a week of heavy selling. Our technical analysis on XLB shows price boxed into a very tight corridor between the daily Kumo ceiling and the pivot point, while the weekly ADX keeps sliding. The trade has been open for 15 weeks and still sits at a small loss.
IQS Phase
51
ordinary
Signal Strength
35
medium · weak
Sizing
REDUCED
Ranking
#103 / 124
US stocks in progress
Trade P&L %
-1.35%
from signal to today
Rank position
ranks 103rd among the 124 Longs already running for US stocks in our ranking, with a signal strength of 35 out of 100.
Sector context
SectorETF Settoriale
Benchmark ETFXLB
Sector regimein positive regime
Performanceweekly +1.44% · monthly +0.20%
XLB belongs to the etf settoriale sector (reference ETF XLB). The sector is classified in positive regime according to our weekly reading.
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