Consolidations in Industrials, Finance and Comm Services – Breakouts in Defense and Brokers
Today’s report starts with our weight-of-the-evidence charts, and the evidence is bullish. We project a path forward for $SPY and $QQQ, and highlight the breakouts in $RSP, $IJH and $IJR (equal-weights, mid-caps and small-caps). Attention then turns to setup consolidations in Industrials ($XLI), Communication Services ($XLC) and Finance ($XLF). We also feature breakouts in the Aerospace & Defense ETF ($ITA) and Broker Dealer & Exchanges ETF ($IAI).