Don't Ignore This Chart

Nike, Skechers Lead Rally In Footwear Stocks

Skechers (SKX) rallied approximately 40% after its most recent quarterly earnings report and Nike (NKE) has gone from 2017 lows to nearly a 2017 high in the past five weeks, highlighting a significant rally in the Dow Jones U.S. Footwear Index ($DJUSFT).  The DJUSFT rallied 3.21% on Friday alone and is on the verge of a very significant breakout:

The DJUSFT is heavily weighted toward NKE and you can see that in the chart above.  NKE's major price resistance level is 60 and a breakout with confirming volume would be extremely bullish for the entire industry group.

Happy trading!

Tom

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