Don't Ignore This Chart!

MetLife Leads Strong Life Insurance Group

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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 at EarningsBeats.com, where he provides stock market education, guidance, and trading strategies using a unique combination of technical, fundamental, and historical analysis. Tom provides EarningsBeats.com members with four portfolios (Model, Aggressive, Income, and Value), all designed to beat the benchmark S&P 500, and a revolving Watch List of hundreds of companies reporting strong quarterly earnings (must beat both revenue and EPS estimates) and exhibiting technical strength as well. These companies comprise EarningsBeats' annotated Strong Earnings ChartList (SECL), from which Tom trades exclusively. Tom writes a Daily Market Report (DMR) for members to include an executive summary, market outlook, sector/industry watch, and trading ideas. Learn More
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