XLP - consumer staples signaling possible upward reversal
XLP regained its YTD and MTD anchored volume weighted average price, as well as the VWAP anchored to the 3/21/24 FOMC meeting. Momentum is turning sharply upward and most major moving averages are in a productive relationship to one another and price. Additionally, XLP/SPX is showing a potential reversal toward relative strength. It's crossed above the MA for the weekly Bollinger band, has the longest streak of growing volume, and has broken out of a declining rate of change.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.