$XME doesn’t have to do with Big Tech Earnings – February 2, 2023
XME SPY AAPL AMZN GOOGL QCOM XME
This is Scott with your Chart of the Day. While the rest of the market ( NYSEARCA: SPY ) digests big tech earnings like Apple ( NASDAQ: AAPL ), which is down, Amazon ( NASDAQ: AMZN ), which is down, Google ( NASDAQ: GOOGL ) is down, Qualcomm ( NASDAQ: QCOM ) is down. I am thinking maybe tomorrow is not a great time to look at big tech stocks as they digest earnings.
That said, let’s find a sector that probably doesn’t have anything to do with big tech earnings and that is XME ( NYSEARCA: XME ), Metals & Mining. As you can see here, after hours, XME ( NYSEARCA: XME ) is not really doing anything, it is still mainlining its trend. It is above all the major moving averages and is consolidating near a previous zone of resistance from back here in June of last year.
I think XME ( NYSEARCA: XME ) could be where we want to be looking over the next few days as the market digests some of these earnings. So be sure and keep this on your watch list. I would probably look for a pullback to this 8-day exponential period moving average.
Over the last month or so the 8-day has really acted as a guide and a pullback buy opportunity; where you are not buying things that are extended, which is not got great to do when the market itself gets a bit extended.
So I would suggest looking for a pullback buy opportunity on XME ( NYSEARCA: XME ) around the 8-day, or even better, maybe around that 21-day if you can get a nice bounce up off of that level.
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