New Upleg for Internet Stocks
So far, we were correct to get out of the way of the equity market in what looks like the end of a 2-3 day pullback, and the resumption of the underlying uptrend...With that in mind, let's have a look at the HHH (Internet Sector ETF)...
My near-term work in the HHH argues that the weakness from the 11/22 high at 56.50 into the 52.67 low on 12/1 completed a minor pullback within an unfinished upleg off of the August low at 44.62. If that proves to be the case, then the HHH is now in the early portion of a new upleg that should retest and hurdle 56.50 on the way to the 58 target zone.