The Healthcare chart is Healthy (sorry) $XLV – August 1, 2024
This is Scott McGregor at Scott Trades on Twitter with StockMarketMentor.com and your Chart of the Day.
I want to take a quick look at the Healthcare Sector, this is the SPDR Select Sector Fund ( NYSEARCA: XLV ) for health care. Now, while the QQQs ( NASDAQ: QQQ ) and the S&P 500 ( NYSEARCA: SPY ) are under their 50-day moving averages we’re actually seeing some pretty good relative strength in Healthcare ( NYSEARCA: XLV ).
I just want to bring your attention to the Healthcare Sector because this is one sector that’s showing a ton of relative strength right now. It is holding up well and near its highs as it rides that 8-day exponential period moving average.
Whether or not you want to trade an individual healthcare stock or just trade XLV ( NYSEARCA: XLV ), I would definitely want to set an alert on this chart right around that 151.50 level, which is just under today’s intraday high. And then look for a nice follow-through to the upside, ideally coming on higher than average volume.
If I zoom out here that would be a new all-time high for the Healthcare Sector, and could give you a nice long-term trending trade if that uptrend can continue during some of this market volatility.
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