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Health care was the strongest sector on Wednesday as the Health Care Select Spyder ETF (XLV) was up almost 1%, but the chart shows that despite the move above resistance, it is still below its 200-day MA. There is very strong resistance between $30.50 and $31.50. The Pharmaceuticals have moved above resistance and the 200-day MA, up over 7% from the August lows. There is strong chart and retracement resistance in the 303-308 area. The relative performance analysis (RS) is still in its trading range, so it is not yet outperforming the S&P 500.
Tom Aspray, professional trader and analyst, serves as video content editor for MoneyShow.com. The views expressed here are his own.
