Airlines ETF rises above key chart level again, and a close above it would be first in 3 months

The U.S. Global Jets exchange-traded fund surged 2.8% in midday trading, enough to lift the airline sector tracker above a key chart level for the first time in three months. The Jets ETF (JETS) rally comes after a number of its components warned that third-quarter revenue would miss previous expectations because of a recent spike in COVID-19 cases, but some companies indicated that the worse may be over. JETS was recently trading at $23.16, while the widely followed 50-day moving average (DMA), which is viewed by many on Wall Street as a shorter-term trend tracker, extended to $23.04, according to FactSet. A sustained move above the 50-DMA on a closing basis could suggest the shorter-term trend has swung to positive. But closing above the 50-DMA is not a given, as JETS rose above the 50-DMA in intraday trading in six of the previous eight sessions but had failed to hold the gains through the close. The last time it closed above the 50-DMA was June 9. JETS has now shed 12.7% over the past three months, while the S&P 500 has gained 7.0%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Airlines ETF rises above key chart level again, and a close above it would be first in 3 months
The U.S. Global Jets exchange-traded fund surged 2.8% in midday trading, enough to lift the airline sector tracker above a key chart level for the first time in three months. The Jets ETF (JETS) rally comes after a number of its components warned that third-quarter revenue would miss previous expectations because of a recent spike in COVID-19 cases, but some companies indicated that the worse may be over. JETS was recently trading at $23.16, while the widely followed 50-day moving average (DMA), which is viewed by many on Wall Street as a shorter-term trend tracker, extended to $23.04, according to FactSet. A sustained move above the 50-DMA on a closing basis could suggest the shorter-term trend has swung to positive. But closing above the 50-DMA is not a given, as JETS rose above the 50-DMA in intraday trading in six of the previous eight sessions but had failed to hold the gains through the close. The last time it closed above the 50-DMA was June 9. JETS has now shed 12.7% over the past three months, while the S&P 500 has gained 7.0%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.