Intuitively, I thought airlines and oil price move inversely. The weekly graph below shows that this presumption has been wrong since mid-2015, the time when economic growth concerns and bursts of volatility crept in after long periods of complacency in the stock market. $XAL now a barometer of economy and sentiment.
$XAL down 3 weeks in a row after encountering resistance @95. On the daily, it lost its 200-sma on May 4. Stochastics are signaling oversold. A hammer was also printed last Friday. A rebound may occur. I am going to sell it if it displayed weakness against 200-sma. The components look much uglier.
There are a couple stocks that look much stronger:
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