Stocks Continue to Grind Higher Ahead of the Start of Earnings Season Today
- Record Close for SPY as Investors Turn Attention to 4Q Earnings
- Financials Under Near-term Pressure as Banks Begin to Report
- Communication Services Break Through Relative Resistance
- New Relative Lows For Energy
- Futures Point to a Lower Open Today
Key Chart – Communication Services Select Sector SPDR – XLC
The Communication Services Select Sector SPDR Fund (XLC) has a Very Bullish Chaikin Power Gauge ETF Rating and is beginning to outperform the SPY. The OB / OS Indicator is moving higher after failing to reach an oversold condition and Chaikin Money Flow has been mostly bullish for the past 12 months. XLC is above the rising long-term trend line and has a bullish Power Bar Ratio at 4 to 1.
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