Whereas traders stay targeted on alternatives throughout the development sectors, I am persevering with to seek out actionable concepts in additional value-oriented areas of the market. The Industrial Choose Sector SPDR (XLI) has really outperformed the Nasdaq 100 ETF (Invesco QQQ Belief) by about 2% to date in 2024, and my weekly scan for brand new swing highs yielded a lot of new concepts within the sector. Whereas a few of these charts seem a bit overextended as we close to the top of the primary quarter, the airways group options charts which may be earlier on of their bullish traits. We’ll break down the chart of the US World Jets ETF (JETS) and present how Alaska Air Group (ALK) may construct on robust momentum into Q2. After peaking round $22.50 in July 2023, JETS offered off to an eventual retest of the September 2022 low round $15. November of final 12 months noticed a dramatic turnaround for airways, with JETS rapidly regaining over half the losses by mid-December. In 2024, we have noticed a sample of upper lows in January and March, with the latest low round $19.50 lining up properly with earlier resistance from December and January. The momentum has been spectacular off the October low, with the RSI (Relative Power Index) remaining above 40 on these pullbacks in January and March. When an ETF is in a bullish part, the RSI typically turns into overbought on upswings and normally stays above the 40 stage on pullbacks. So primarily based on value momentum and easy evaluation of value motion, JETS seems to be in a strong uptrend as we wrap Q1. Alaska Air shares simply getting began Alaska Air Group has not too long ago damaged above a key resistance stage and will signify a compelling choice for traders looking for shares earlier on of their uptrends. Off its October 2023 low round $31, ALK rapidly moved increased to check the 38.2% Fibonacci retracement stage, which frequently serves as an preliminary resistance level. Alaska remained beneath that retracement stage in addition to a declining 200-day shifting common till this week. Now we’re seeing ALK energy above $42 with an preliminary upside goal on the 61.8% retracement stage round $47. The momentum traits are in step with bullish phases, with Alaska changing into overbought this week after a fast rise. Whereas overbought situations may point out a short-term pullback within the coming weeks, we’re inclined to imagine this uptrend may very well be simply getting began. —David Keller, CMT marketmisbehavior.com DISCLOSURES: (None) THE ABOVE CONTENT IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY . THIS CONTENT IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSITUTE FINANCIAL, INVESTMENT, TAX OR LEGAL ADVICE OR A RECOMMENDATION TO BUY ANY SECURITY OR OTHER FINANCIAL ASSET. THE CONTENT IS GENERAL IN NATURE AND DOES NOT REFLECT ANY INDIVIDUAL’S UNIQUE PERSONAL CIRCUMSTANCES. THE ABOVE CONTENT MIGHT NOT BE SUITABLE FOR YOUR PARTICULAR CIRCUMSTANCES. BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR. Click on right here for the total disclaimer.