Is there a sector right now that’s stronger than Energy? It seems every single stock in the group is rising – and that’s because every one of them is.
Our favorite way to quickly identify uptrends and downtrends is to compare a stock’s price to the level and slope of a moving average of trailing prices. If the current price is above a rising moving average, then that stock is in a technical uptrend. If a stock is trading below a falling moving average, it’s in a downtrend.
Right now, EVERY Energy stock in the S&P 500 is trading above a rising 50-day and a rising 100-day moving average. No other sector comes even close to matching that strength.