Corcoran Technical Trading Patterns For February 15
Today’s commentary will be shorter than usual and in particular I remain somewhat cautious in regard to the FX market where there are several cross currents which are keeping me mainly on the sidelines.
The daily chart for EWW, which tracks the MSCI Mexican index is revealing some troublesome topping signs and this would also refresh the call last week with regard to ILF which includes several large cap Mexican stocks.
Also discernible on the chart for IRL, which is an ETF for Irish equities, are technical indications that a corrective phase lies ahead and the 50-day EMA would be a feasible target.
The final chart for today, XLU, which is the Utilities Select Sector SPDR, also has characteristics indicating that this sector is stalling. The flat line for the MFI and the highlighted doji star suggest that there is little appetite to take out the overhead resistance at the $32 level.
Clive Corcoran is the publisher of TradeWithForm.com, which provides daily analysis and commentary on the US stock market.
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