Exchanges Are Looking Up

The exchanges are the one bright spot in the financial sector and the ones in Chicago look the best. Take a look.

CBOE Holdings, $CBOE

CBOE Holdings, $CBOE, is moving higher after a 17% pullback from the high at 29.42. Tuesday it gained some strength. With a long Marubozu candle and the Bollinger bands expanding what was a bear flag is looking more like a reversal. The Relative Strength Index (RSI) is making a new higher high and verging on a turn to bullish with a Moving Average Convergence Divergence (MACD) indicator that is positive and growing, both supporting more upside. A move through the 200 day Simple Moving Average (SMA) at 25.99 is a good entry point with a stop near 25.30.

CME Group, $CME

CME Group, $CME, broke above the descending expanding wedge in February but stalled as it touched over 300 and has pulled back to retest that wedge as support. Tuesday was a key day for it as well with the break of consolidation over 265 supported by a rising RSI and positive MACD with the Bollinger bands opening higher. A move over the 50 day SMA at 271 seals the deal and is a good long entry with a $6 trailing stop.

The charts for the Intercontinental Exchange, $ICE, Nasdaq OMX Group, $NDAQ, and NYSE Euronext, $NYX, also all had good days printing bullish Marubozu candles but still have more work to do to turn the tide higher. Keep an eye on them.

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The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

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