State Street (STT) turned up to new highs this week with a stronger consolidation pattern than the big banks have shown. State Street did not drop down to test the lows recently and still has not tested the 200 DMA which most of the bank stocks have been doing. The SCTR suggests this is resuming the up trend with the SCTR staying in strong territory.
The stock shows above average volume coming in all week and the MACD is turning higher from above zero. All positive developments as the stock breaks out.
Tom Bowley and I recorded a new edition of StockCharts Market Outlook 2017-06-10 on Saturday.
About the author:Greg Schnell, CMT, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities analysis. Based in Calgary, he is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the Market Technicians Association (MTA) and the International Federation of Technical Analysts (IFTA).
Greg is also the co-author of Stock Charts for Dummies (Wiley, 2018).
Greg joined StockCharts.com in 2012 and has be instrumental in helping launch a variety of new blogs and other commentary platforms. Presently, Greg contributes market analysis commentary to The Canadian Technician, Commodities Countdown and Don't Ignore This Chart blogs.