Bitcoin sets a new all-time high above $6,000 >>> READ MORE

‘Scary Poppins’ Chart of the Day: XLB

The basic materials sector has gotten whacked, and the chart tells an ugly story.


One chart that is most concerning is the Basic Materials Select Sector ETF (NYSEARCA:XLB), which tracks one of the weakest S&P 500 large-cap sectors and has now surrendered all year-to-date gains today.

Top-weighted XLB holdings include Monsanto (NYSE:MON), DuPont (NYSE:DD), Dow Chemicals (NYSE:DOW), Praxair (NYSE:PX), Freeport-McMoRan Copper and Gold (NYSE:FCX), LyondellBasell (NYSE:LYB), Ecolab (NYSE:ECO) and International Paper (NYSE:IP), to name a few.

When you look at the volume and the waterfall decline every day this week, it is the poster child for what I expect to happen not only in nearly every major sector and sub-sector, but in the market as a whole in the short term, and especially going into the end of month.

Chart courtesy of DTN


InvestorPlace advisor John Lansing tracks the charts all day and offers expert technical analysis in his day trading, options and trading services: Power Trading at the Open, Parabolic Options and Trending123.  For more information on which service is for you click here.

Article printed from InvestorPlace Media,

©2017 InvestorPlace Media, LLC