Chart of the Day - Thursday, December 5, 2024

🏆 Today's Chart of the Day was shared by Frank Cappelleri (@FrankCappelleri).
 

• The US Global Jets ETF ($JETS) has taken off recently, closing at its highest level in 3½ years. 
   
• Airlines have been dead money since the pandemic, but Frank points out that the group has gained some serious momentum recently, with weekly RSI reaching an all-time high of 80.
   

• While RSI is technically overbought (above 70), it's still confirming the recent highs rather than diverging. The top holdings in $JETS include:

  $UAL - United Airlines  (15.4%)
  $DAL - Delta Air Lines (11.1%)
  $AAL - American Airlines (10.2%)
  $LUV - Southwest Airlines (8.8%)
  $ALGT - Allegiant Travel (4.7%) 

  
  The Takeaway: Airline stocks are gaining momentum after a grueling multi-year bottoming phase.