Among the mid cap funds to rally recently is the First Trust Mid Cap Growth AlphaDEX (FNY).
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Following Friday’s action, the bullish percent for the S&P Mid Cap 400 Index (^BPSPMID) reversed into Xs, indicating an increase in stocks maintaining point and figure buy signals. Among the mid cap funds to rally recently is the First Trust Mid Cap Growth AlphaDEX (FNY), which is a holding within the First Trust Size and Style Model (FTSIZESTYLE).
FNY maintains a fund score of 4.49, which is higher than the average fund for a fund within the global mid cap (3.80) and US mid cap growth (4.03) groups. FNY has maintained positive near-term relative strength against the market as defined by the S&P 500 Equal Weight Index (SPXEWI) since July 2023.
On the default point and figure chart, FNY has sustained a single column of Xs since returning to a buy signal in late April, following that up with a positive trend flip in May. For better perspective on recent action, below is the more sensitive 0.50 point per box chart. After returning to a buy signal on 8/12, FNY gave a second buy signal by breaking a double top at $86.50 during Friday’s (8/22) trading. This week’s action brought about a 2025 chart high at $87.50 and bring the chart within two boxes of its all-time chart high for the 0.50 point per box chart at $88.50. Initial support can be found in the upper $82 to $83 range, while additional can be found in the $77 to $79 range.
