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Technical Talk

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XLV Firms At Support

By Arthur B. Hill - Wed 01-Oct-08 9:35 AM EDT

The Healthcare SPDR (XLV) is firming at support with signs of strength creeping into the breadth indicators. The table below shows AD Net% for the sector SPDRs on Tuesday. The Energy SPDR (XLE) and the Financials SPDR led the rebound with AD Net% finishing above +90%. The Healthcare SPDR (XLV) came in third with a respectable +86.5%. This makes XLV one of the breadth leaders on the rebound and this sector could continue to lead should the rebound extend.

The chart below shows the Healthcare SPDR (XLV) with the McClellan Oscillator, Summation Index and AD Line. The McClellan Oscillator was negative from mid August until late September. With some strength the last few days, the indicator popped into positive territory. Look for a surge above 50 to trigger a bullish breadth signal here. The Summation Index and AD Line have slight positive divergences working over the last few months. A McClellan Oscillator breadth signal would help confirm these positive divergences.

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Healthcare SPDR (XLV) click here

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