Don't Ignore This Chart!

Nike, Skechers Lead Rally In Footwear Stocks

Tom Bowley

Tom Bowley

Chief Market Strategist, EarningsBeats.com

Skechers (SKX) rallied approximately 40% after its most recent quarterly earnings report and Nike (NKE) has gone from 2017 lows to nearly a 2017 high in the past five weeks, highlighting a significant rally in the Dow Jones U.S. Footwear Index ($DJUSFT).  The DJUSFT rallied 3.21% on Friday alone and is on the verge of a very significant breakout:

The DJUSFT is heavily weighted toward NKE and you can see that in the chart above.  NKE's major price resistance level is 60 and a breakout with confirming volume would be extremely bullish for the entire industry group.

Happy trading!

Tom

Tom Bowley
About the author: is the Chief Market Strategist of EarningsBeats.com, a company providing a research and educational platform for both investment professionals and individual investors. Tom writes a comprehensive Daily Market Report (DMR), providing guidance to EB.com members every day that the stock market is open. Tom has contributed technical expertise here at StockCharts.com since 2006 and has a fundamental background in public accounting as well, blending a unique skill set to approach the U.S. stock market. Learn More