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Healthcare Sector Review: 6/18/21
Equipment Check: Looking at the 3 most noticeable ETFs within healthcare, and where they represent the space, shows some interesting action. Today we will take a look at the medical equipment group with the IHI recording a big break Thursday above a double bottom formation. The fund is higher by 8% YTD and 34% over the last one period, compared to the XBI and XLV which are down 5 and up 10% thus far in 2021. DHR was in the news responding nicely to buying Aldevron, was acting well before today's jump, and now trades just 1% off most recent all time highs. RMD is higher by more than 16% the last couple weeks and has lost ground just twice in the month of June so far. STE is having some issues with the very round 200 number here, and its rising 50 day SMA. A break above puts a future add on buy point through a 216.84 cup base pivot. ISRG is quickly approaching the very round 900 number, and a cup base trigger of 893.89. The equipment, if one seeks leaders, looks sturdy at the moment.
Technology Sector Review: 6/17/21
Mr. Softee Firming: The IGV recorded a bullish hammer candle Wednesday with a late session POST-Fed rally. The ETF is top-heavy with some "old tech" names and below is the chart of the third-largest holding in Microsoft. ADBE is the largest and it REPORTS Thursday after the CLOSE. It already recorded a CLOSE above a cup base pivot of 525.54 on 6/10 rising more than 4%, and perhaps even more bullish acted well POST breakout with the next 2 sessions rising another 4%. CRM recorded a nice 5.4% earnings-related gain on 5/28 and then filled in that gap on 6/3 from the 5/27 session before launching another run higher. Of course, ORCL the fourth largest component was a drag, and most likely prevented the IGV any chance of CLOSING green Wednesday. INTU is on its first 5-week winning streak since the very start of 2019. MSFT is sniffing out a cup base pivot of its own with a trigger of 263.29. There has even been some M&A in the space, which by the way ignited the semis to technology leadership last year, with NUAN and CLDR being swallowed up among others.
Technology Sector Review: 6/16/21
"SHOP" Until The Chart Drops: Give the chart of SHOP below a lot of credit, as last March it dropped almost to the 300 number. It now trades 12% off most recent all-time highs, but keep in mind that it jumped 186.8% during an 11 of 14 week winning streak the weeks ending between 4/10-7/10/20. Monday it showed decent relative strength as it rose 1.1%, as the overall software group, via the IGV, fell by 1.4% (to keep it in perspective it came into Tuesday riding a 7 session winning streak. SHOP attempted to follow through after Monday's break above a bullish ascending triangle. The response was muted, as it recorded a spinning top candle, which is often adept at finding names that are fatiguing after a nice run. Was the lukewarm attempt at follow-through today, a function of a weighing software space, or was it stock specific to SHOP? The rest of the week should prove very telling for that answer.