PowerShares S&P 500 High Quality Portfolio ETF (SPHQ)
from Momentum Strategies Report
Traders purchased a conservative position in the PowerShares S&P 500 High Quality Portfolio ETF (SPHQ, 23.47; bought at 23.01), our favorite S&P 500 proxy, on October 19. SPHQ recently confirmed an immediate-term buy signal per the rules of our trading discipline by closing two days higher above its 15-day moving average. Additionally, the internal improvement in the broad market in the last two weeks has boosted the prospects for a continuation of the short-term recovery. Let’s raise the stop loss to slightly under the 23.30 level on a closing basis. This is where the 15-day MA currently intersects in the daily chart (below).
Cliff Droke, Momentum Strategies Report, www.cliffdroke.com, 707-282-5594, October 28 and November 4, 2015