The IBD 50 broke out of its 7 month long symmetrical triangle yesterday on the daily time frame. How it finishes on Friday will be key for the weekly close The false break down in July makes me more confident that we'll see follow through to the upside. A lot of growth traders / investors hold companies in this index. Here's a link to its holdings (updated...
Weekly Triple negative divergence in FFTY for the RSI and MFI - not shown here but you can quickly check it. No trading advice here. Chart and comments are for entertainment and educational purposes only. For Trading Advice, seek out a professional.
The Innovators ETF AMEX:FFTY is being underperforming the TVC:SPX since February. This ETF is concentrated in growth stocks; so is a good barometer for that sector of the market. I see a volatility contraction pattern (VCP) with lowering volume, classic pattern before a crazy breakout. This breakout could be upward or downward, the thing is to be reactive....
FFTY.. IBD growth type stocks vs SPY. Not a very good look for me. Keeping me out of a lot of growth names. Saved a lot of headaches.
A follow-trough day was made yesterday September 30th on $COMPX, $SPX and $DJI. We would deny this pattern and most likely the rally, if we break-down below June highs, or 100sma on the SPY. Check out the idea on Distribution & Follow Through Days for more info.