Sunday, February 17, 2008

Materials Sector Analysis for 02.17.2008

SELECT SECTOR SPDR MATERIALS ETF - XLB

Monthly chart shows weakness and sellers the last 4 months. The move up was made with regular divergence on the CCI momentum indicator. Moving average ribbons remain intact. No clear sell signal, and no clear buy signal either.

Weekly chart shows bulls have a slight lead this past week, as they managed to hold their ground against the bears. No clear signals on this timeframe. So long as the January low holds, the bulls can take this higher.

Daily chart shows indecision in Friday's trading session. Possible consolidation/trading range before the next major move. Look for possible test of the January low.

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