Markets displayed some muscle today overcoming some early afternoon softness to finish in the black. The leading Nasdaq which was higher YTD by 1.1% coming into Wednesday acted the best taking out an ascending triangle formation by the slimmest of margins rising .3%. Today it was the strongest index barely going negative during the session and going out near session highs. The S&P 500 not wanting to be left out finished above the 2065 double bottom trigger it took out Tuesday after trading below it intraday. Today marked its fifth consecutive session above its 50 day SMA a good technical sign. Some encouraging signs for the economy recently have been the performance of the packaging plays. Obviously if they are behaving well, things are being shipped and the gears of the economy are in motion. There has been some merger activity in the space with RKT and MWV joining forces. SEE blew away numbers after reporting earnings up by 10.6%. It was the stocks fourth consecutive earnings beat with advances of 2.4, 3.2 and 5.3% on 10/29, 7/30 and 4/30. Those last 3 however all did record reversals to finish near lows for the session. CCK rose 7.5% yesterday after its earnings report. Its chart trades wide and loose however which are hallmark bearish characteristics. IP trades at 15 year highs. Below we look at another peer KS that we profiled in a recent Game Plan. Is the sector suggesting an all aboard signal?
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