Don't Ignore This Chart!

MetLife Leads Strong Life Insurance Group

Tom Bowley

Tom Bowley

Chief Market Strategist, EarningsBeats.com

The Dow Jones U.S. Life Insurance index ($DJUSIL) broke above 650 for the first time in 2016, buoyed by suddenly surging 10 year treasury yields ($TNX).  Leading the charge in the group is MetLife (MET), which at today's high had gained 33% since its post-Brexit low near 36.00.  MET broke above key 2016 resistance today on very heavy volume.  Check it out:

MET printed a double bottom in February and June of 2016 and it has now surged through price resistance at 46.00.  Coupled with that are breaks of both trendline resistance and its downtrending SCTR.  Throw in the bullish MACD centerline crossover (vertical red line highlights this crossover) and it's easy to like this one technically along with the improving fundamental picture (higher treasury yields).

Happy trading!

Tom

Tom Bowley
About the author: is the Chief Market Strategist of EarningsBeats.com, a company providing a research and educational platform for both investment professionals and individual investors. Tom writes a comprehensive Daily Market Report (DMR), providing guidance to EB.com members every day that the stock market is open. Tom has contributed technical expertise here at StockCharts.com since 2006 and has a fundamental background in public accounting as well, blending a unique skill set to approach the U.S. stock market. Learn More