Art's Charts

IWM Revives and Surges to New High

Arthur Hill

Arthur Hill

Chief Technical Strategist, TrendInvestorPro.com

Programming note: I am taking some holiday this week and Art's Charts will not be updated on Tuesday, Wednesday and Friday. The market is closed on Thursday and will close early on Friday (1PM). Stocks were relatively mixed last week, but some groups led the market and the positive outlook continues for stocks. Small-caps found there mojo and led the market over the last two weeks. The finance sector also sprang to life and surged to a new high last week. While I am a little concerned with last week's relative weakness in the tech and consumer discretionary sectors, there is clearly enough strength elsewhere to power the market for now. Healthcare is also strong as XLV hit a new high last week. The chart below shows the S&P 1500 AD Line breaking out   in mid November and hitting a new high last week. Both the index and this key breadth indicator hit new highs, which means participation in the advance is broad.

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**This chart analysis is for educational purposes only, and should not
be construed as a recommendation to buy, sell or sell-short said securities**




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Key Reports and Events (all times Eastern):
            
Mon - Nov 25 - 10:00 - Pending Home Sales        
Tue - Nov 26 - 08:30 - Housing Starts/Building Permits Sep            
Tue - Nov 26 - 08:30 - Housing Starts/Building Permits Oct    
Tue - Nov 26 - 09:00 - Case-Shiller 20-city Index
Tue - Nov 26 - 09:00 - FHFA Housing Price Index        
Tue - Nov 26 - 10:00 - Consumer Confidence    
Wed - Nov 76 - 07:00 - MBA Mortgage Index    
Wed - Nov 76 - 08:30 - Initial Jobless Claims        
Wed - Nov 76 - 08:30 - Durable Goods Orders    
Wed - Nov 76 - 09:45 - Chicago PMI        
Wed - Nov 76 - 09:55 - Michigan Sentiment
Wed - Nov 76 - 10:00 - Leading Indicators    
Wed - Nov 76 - 10:30 - Crude Oil Inventories    
Wed - Nov 76 - 10:30 - Natural Gas Inventories    
Thu - Nov 28 - 08:00 - Happy Thanksgiving

Charts of Interest: Tuesday and Thursday

This commentary and charts-of-interest are designed to stimulate thinking. This analysis is not a recommendation to buy, sell, hold or sell short any security (stock ETF or otherwise). We all need to think for ourselves when it comes to trading our own accounts. First, it is the only way to really learn. Second, we are the only ones responsible for our decisions. Think of these charts as food for further analysis. Before making a trade, it is important to have a plan. Plan the trade and trade the plan. Among other things, this includes setting a trigger level, a target area and a stop-loss level. It is also important to plan for three possible price movements: advance, decline or sideways. Have a plan for all three scenarios BEFORE making the trade. Consider possible holding times. And finally, look at overall market conditions and sector/industry performance.
Arthur Hill
About the author: , CMT, is the Chief Technical Strategist at TrendInvestorPro.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