XLY pushes through Thursday's high
Consumer Discret Sel Sect SPDR ETF (XLY) Technical Analysis Report for Jun 14, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, XLY ended the week 2.34% higher at 118.49 after edging higher $0.26 (0.22%) today on low volume. Today's close at 118.49 marks the highest recorded closing price since May 6th. Closing above Thursday's high at 118.40, the ETF confirmed its breakout through the previous session high after trading up to $0.33 above it intraday.
Daily Candlestick Chart (XLY as at Jun 14, 2019):
Friday's trading range has been $0.76 (0.64%), that's far below the last trading month's daily average range of $1.29. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for XLY.
Prices are trading close to the key technical support level at 117.85 (S1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 120.90, upside momentum could speed up should the market be able to break out to new highs for the year. Further buying might move prices higher should the market test May's close-by high at 120.33.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for XLY. Out of 340 times, XLY closed higher 59.71% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 62.06% with an average market move of 0.69%.