Don't Ignore This Chart!

Consumer Staples and Utilities Pop Up on Technical Alerts Page

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Two of the nine sector SPDRs hit new 52-week highs today (March 9th) - and I bet you can figure out which ones. The image below comes from the pre-defined technical alerts page. Notice that we had three bullish alerts (green) and three bearish (red). The Consumer Staples SPDR (XLP) and the Utilities SPDR (XLU) hit new highs, and the Dow Industrials crossed 17000. XLP and XLU clearly show the most "chart" strength of the nine sectors SPDRs because they are the only ones at 52-week highs. On the downside, the Euro crossed below 110, the Nasdaq crossed below 4700 and the Consumer Discretionary Bullish Percent Index moved below 70. These are not necessarily key support levels, but the downside crosses indicate downward movement in these three. 

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--Arthur Hill CMT

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Arthur Hill
About the author: , CMT, is a Senior Technical Analyst at StockCharts.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. Learn More
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