Stocks firmed on Wednesday with the major index ETFs putting in small gains for the day. The Nasdaq 100 Equal-Weight ETF (QQEW) led the way with a .78% advance and a fresh 52-week high. This is a clear sign that the Nasdaq 100 as a whole is strong. The Nasdaq 100 ETF (QQQ), which is weighted by market cap, continues to lag. Moreover, relative strength in the QQEW is a good sign for the technology sector as a whole. Forget about market cap. The sectors were mixed with the Finance SPDR (XLF), Energy SPDR (XLE) and Utilities SPDR (XLU) edging lower. The Industrials SPDR (XLI) and Healthcare SPDR (XLV) led the way with XLV closing at a 52-week high. Note that XLV is now up seven days in a row.
About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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