XLY at support (TESLA ,Amazon)
Monthy chart here of XLY sector.
Biggest weighted stocks in this sector
Tesla 25%
Amazon 25%
Meaning what ever happens with this sector would have the most impact on those 2 stocks.
Purple trendlines represent monthly channel (Uptrend)
Fib levels are covid lows and ATH
Thursday when the spy drop to 350 , XLY retested that trend support and bounced. Friday we close right above supporting trendline.
We are currently below all MA on daily and weekly chart. On the Monthly chart the closes moving average is the 100ma sitting around mid 120.
The closest support if we breakup trend this week is 132.67 fib support.
Tesla has earnings this week so this will be interesting to see how it plays out..
I will say this, it gets risky swinging shorts on stocks in this sector until we see if XLY will bounce or break 132
Biggest weighted stocks in this sector
Tesla 25%
Amazon 25%
Meaning what ever happens with this sector would have the most impact on those 2 stocks.
Purple trendlines represent monthly channel (Uptrend)
Fib levels are covid lows and ATH
Thursday when the spy drop to 350 , XLY retested that trend support and bounced. Friday we close right above supporting trendline.
We are currently below all MA on daily and weekly chart. On the Monthly chart the closes moving average is the 100ma sitting around mid 120.
The closest support if we breakup trend this week is 132.67 fib support.
Tesla has earnings this week so this will be interesting to see how it plays out..
I will say this, it gets risky swinging shorts on stocks in this sector until we see if XLY will bounce or break 132
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