Bullish Candle in Health Care as Key Conference Begins
The SPDR Health Care ETF Health care has pulled back after a sharp rally in December. Some interesting patterns are also appearing on the chart.
First, XLV stands out because it was the first major sector fund to go positive yesterday. Its 1 percent gain also made it the top performer in the session.
Second, the bounce followed a drop to a one-month low and took out Friday’s high. That kind of large bullish outside candle is a potential reversal pattern. It could mark the end of a six-day skid.
Next, it’s noteworthy that buyers stepped in to defend the 50-day simple moving average (SMA).
In addition, Monday’s low was near a previous high on November 26. A downward-sloping trendline along the highs of September and November could also be turning from old resistance to new support.
Finally, you have an active calendar. The 40th Annual J.P. Morgan HealthCare Conference takes place this week, followed by quarterly results from top holdings UnitedHealth (1/19) and Johnson & Johnson (1/25).
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Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
First, XLV stands out because it was the first major sector fund to go positive yesterday. Its 1 percent gain also made it the top performer in the session.
Second, the bounce followed a drop to a one-month low and took out Friday’s high. That kind of large bullish outside candle is a potential reversal pattern. It could mark the end of a six-day skid.
Next, it’s noteworthy that buyers stepped in to defend the 50-day simple moving average (SMA).
In addition, Monday’s low was near a previous high on November 26. A downward-sloping trendline along the highs of September and November could also be turning from old resistance to new support.
Finally, you have an active calendar. The 40th Annual J.P. Morgan HealthCare Conference takes place this week, followed by quarterly results from top holdings UnitedHealth (1/19) and Johnson & Johnson (1/25).
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradingView is not affiliated with TradeStation Securities Inc. or its affiliates. TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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