Industrial Stocks Are Still Outperforming
04/22/2010 10:18 am EST
The Industrial sector completed a reverse H&S bottom formation last August (click here for Trading Lesson), which was very bullish. The Industrials Select Spyder ETF (XLI) continues to look very strong as XLI has accelerated to the upside with next strong resistance in the $35-$36 area. The Materials, however, have continued to lag as sector ETF XLB has not been able to overcome the January highs. The major 61.8% resistance is at $35.70 with first good support at $31.50 and the 200-day MA.