IWF in new highs
In a typical bounce up, IWF, the iShares Russell 1000 Growth ETF, stopped at ema50 and the lower Bollinger Band, and then crossed over its ema10 and ema20 to carry on by trending up smoothly above a rising ema10 and just below an also rising upper Bollinger Band. Yesterday’s very bullish candlestick just indicates bulls’ strength and determination to push IWF higher. Of course, MACD has crossed over its signal line and RSI is trending up and approaching 70. Just as important,
XLF is getting stronger
XLF – the Financial Select Sector SPDR Fund – is a rather conservative sector where sudden moves are quite unusual. Therefore, yesterday’s huge maribozu candlestick can be very significant and indicating a change in a rather flat ranging movement of the last months. This potential change is shown in MACD as well. In fact, MACD just crossed its signal line and MACD histogram passed to positive territory. RSI has also moved above 50 that marks the bullish region. RELATIVE STREN
SPY is going higher
In the second half of June SPY had a correction that sent price below its ema50 and just on the lower Bollinger Band. The two big bullish candlesticks on the lower Bollinger Band – see circle - showed, however, that the bulls were strong enough to prevent SPY from going lower than that. Then the last three bullish candlesticks sent SPY right through ema50, ema10 and finally ema20. This was followed by the cross of MACD above its signal line and the return of MACD Histogram to
