Chart of the Day - Friday, August 6th, 2021

And again, like almost everywhere else, the February highs seems to be the level to beat.

It is interesting that 3 of the top 5 holdings belong to the financial sector.$MTUM pic.twitter.com/ASUrCYm0JR

— Alfonso Depablos (@AlfCharts) August 6, 2021

Today’s Chart of the Day was shared by Alfonso Depablos (@AlfCharts). It's a daily candlestick chart of the Momentum ETF, $MTUM, over the past year. This ETF provides exposure to large- and mid-cap U.S. stocks exhibiting relatively higher price momentum. The top-weighted stocks in $MTUM include Tesla ($TSLA), Walt Disney ($DIS), JP Morgan Chase ($JPM), Berkshire Hathaway ($BRKB), and Bank of America ($BAC). Alfonso points out that $MTUM is breaking out to record highs for the first time since February. Price has formed a solid base over the past six months to launch from. Now that price is in blue-sky territory, there is virtually no overhead supply to prevent it from making a new leg higher.