Every week Tech Charts Global Equity Markets report features some of the well-defined, mature classical chart patterns under a lengthy watchlist and the chart pattern breakout signals that took place during that week. Global Equity Markets report covers single stocks from developed, emerging and frontier markets, ETF’s, select commodities, cryptocurrencies and global equity indices. The report starts with a review section that highlights the important chart developments on global equity benchmarks. This blog post features from the watchlist section SPDR DJ WILSHIRE SMALL CAP GROWTH ETF (SLYG.K) listed on the New York Stock Exchange. If you think this ETF has low liquidity, the same outlook applies in general to small cap etfs.
SPDR DJ WILSHIRE SMALL CAP GROWTH ETF (SLYG.K)
The Fund seeks to approximate, before expenses, the investment results of the Dow Jones Small Cap Growth Index. The ETF is listed on the New York Stock Exchange. Price chart formed a 5 month-long symmetrical triangle with the upper boundary acting as strong resistance at 89.60 levels. The upper boundary was tested several times over the course of the chart pattern. A daily close above 91.00 levels will confirm the breakout from the 5 month-long symmetrical triangle with the possible chart pattern price target of 99.50 levels. Breakout can push the ETF to all-time highs.
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