The sectors mentioned so far this week-end in the commentary post were energy and Basic materials. I have done the energy ETF already and now it is time to do the basic material sector.
UYM closed Friday at 30.61. Like the energy sector there is downside pressure being applied to the daily chart. Price seems to be bracketed at this time between the first price objective for the up move, 30.48, and the second price objective for the down move, 25.02. For the retracement down to start price would have to go through 29.52 and then the first price objective for the move down would be 27.37. To restart the move higher price would have to go through 31.51 and then the first price objective would be 33.62. So like the energy sector we are in no man’s land right now with downside pressure.
Posted by tun705 
Trading One 
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