VanEck Steel ETF (SLX) - 12th January 2024 | @ 79 Days | - 1.33%
Last trade: - 1.33% | 'B' class signal detected in the VanEck Steel ETF (SLX). Running at an average wavelength of 79 days over 13 iterations since April 2021. Currently troughing.
Instrument Summary
The VanEck Steel ETF (SLX) is an exchange-traded fund that aims to replicate the performance of the global steel industry. SLX provides investors with exposure to well-established steel companies worldwide, including prominent entities such as Nucor Corporation, Steel Dynamics Inc., POSCO, and ArcelorMittal.
ΣL Cycle Summary
Here in SLX, our proxy for steel pricing, the excellent component around 78 days extended further upward subsequent to our last report, resulting in a heavily right translated cycle as price now reaches back down to the forecast trough time zone. The component has been largely profitable, stationary and is dominating price action for the most part, save for the next longer component which likely troughed in late October and is providing additional amplitude. Our next peak of this component is anticipated in late February to early March at the current wavelengths, more detail below.
Trade Update
See also: Live ΣL Portfolio & History
Summary of the most recent trade enacted with this signal and according to the time prediction detailed in the previous post for this instrument, linked below.
Type: Sell - VanEck Steel ETF 7th December 2023
Entry: 7th December 2023 @ 69.04
Exit: 12th January 2024 @ 69.96
Gain: - 1.33%
Current Signal Status
Defining characteristics of the component detected over the sample period.
Detected Signal Class: B - learn more
Average Wavelength: 78.54 Days
Completed Iterations: 13
Component Yield Over Sample: 189.49%- learn more