The Dow Industrials hit another new high this week, but IBM did not help the cause and remains well below its mid April high. This means IBM shows relative weakness, which is confirmed by the StockCharts Technical Rank (SCTR). The SCTR (red line) is below 20 and has spent most of the year below 50.
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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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