AIRLINES LEAD INDUSTRIAL SPDR TO A NEW RECORD -- DELTA AND UAL LEAD AIRLINES

John Murphy
by John Murphy,
Pioneer Technical Analyst

INDUSTRIAL SPDR HITS NEW RECORD... A strong jobs report has boosted major stock indexes into record territory with most sectors also rising.  Industrials are one of the day's strongest sectors.   Chart 1 shows the Industrial Sector SPDR (XLI) moving into record territory today.    It's being led higher by airline stocks which we'll focus on  today.

Chart 1

AIRLINE ETF GAPS HIGHER...Chart 2 shows the US Global Jets ETF (JETS) gapping higher today in heavy trading and testing its 200-day moving average.   A close above its early October peak could be enough to signal a bottom in the airline group.    Today's rally is part of a rotation into the so-called reopening trade which includes stocks tied to travel and tourism.   Encouraging news on the Covid front is certainly helping.

Chart 2

DELTA AND UAL ARE AIRLINE LEADERS...While all airline stocks are gaining today, the two strongest chart patterns are shown below.  Chart 3 shows Delta (DAL) rising above its 200-day moving average and nearing a possible test of its early October peak.   Chart 4 shows United Airlines (UAL) already trading above its October high.   That makes UAL the strongest of the airlines from a chart standpoint.

Chart 3
Chart 4
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John Murphy
About The Author:

A trailblazer in intermarket analysis, John authored key texts that shaped technical trading and helped generations of investors decode market trends using charts and correlations. Learn More 

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