CYH's bid for THC brought some attention to the XLV this past week.
Currently XLV is down 1.5% for 2010 (the most lagging of the 10 most tracked sectors, followed by Utilities, XLU and Financials, XLF).
weekly charts showing all sorts of inverted H&S patterns with an overhead neckline:
XLV -Could have a breakout move in the week ahead
CYH, of course that big move all happened in one day though-
THC again, a one-move wonder on Friday-
While other components of the XLY show some promise.
A lot of clear air above for UNH
MRK - broke out from this W-bottom pattern and looks to try to regain $36.50 support
AMGN - formed a hook (seed wave) with what looks like a breakout candle on Friday
PFE is interesting. This weekly chart shows a large amount of volume over these past two years. While price recently broke out of and re-tested this LONG-standing down trend line
The setups I include on this blog are used in conjunction with the 3/10macd and the criteria I ascribe to it as a way to alert me to an existing condition of price. The key concept to take away from this blog is that I try to anticipate what will happen on the higher time frame by using a faster time frame to trigger the trade setup. I do not trade a "system" I use two indicators to clue me in to price conditions. Please read the Disclaimer located in the sidebar of this site. I can be contacted via email at firstname.lastname@example.org
I am always open to questions, comments, or suggestions on how to improve this blog.