Cboe Global Markets Inc. ( CBOE
) made an impressive move on Monday. It shot up solidly on strong volume, while the rest of the market was getting drilled.
We call that strong relative strength. The Relative Strength Index now on the daily chart
is overbought, but that is not a reason to sell.
Notice the money flow has shown good strength on the daily (chaikin, blue), and the price has now jumped into a new zone. We like this action here. The stock looks to be making a run toward the old highs in the high $120 area.
The weekly chart (TrendSpider) is intriguing, with good volume trends and this pop over the long-standing downtrend channel. We can now draw an uptrend channel on this weekly chart of higher highs, higher lows. The upside target is near $130 on this chart and perhaps higher if the market gets back on track.