The chart looks at Transportation ETF (IYT) on a weekly basis. Its long-term trend remains up and nothing that has changed the trend.
IYT peaked in January along with the broad markets and then fell where it tested short-term rising channel support, which held.
Joe Friday Just The Facts Ma’am– IYT is testing its January highs, where it could be creating back to back bearish reversal pattern (bearish wicks) at (1).
Stock bulls want to see IYT breaking above January highs, not sellers coming forward and taking it lower!
Which stock should you buy in your very next trade?
With valuations skyrocketing in 2024, many investors are uneasy putting more money into stocks. Unsure where to invest next? Get access to our proven portfolios and discover high-potential opportunities.
In 2024 alone, ProPicks AI identified 2 stocks that surged over 150%, 4 additional stocks that leaped over 30%, and 3 more that climbed over 25%. That's an impressive track record.
With portfolios tailored for Dow stocks, S&P stocks, Tech stocks, and Mid Cap stocks, you can explore various wealth-building strategies.