Analysis Archives (>6 months old)

Weekend Video – Two Day Reversal vs 2022 Technical Damage, Yield Spreads Widen, Commodity-Related ETFs Still Leading (Premium)

Stocks staged a big intraday reversal on Thursday and followed through on Friday with strong breadth (one day). The two-day sequence is impressive, but not enough to undo the technical damage done the last two months (%Above 200-day, bearish breadth thrusts, expanding new low list). In addition, yield spreads continued to widen and show rising stress

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Mkt/ETF Commentary – Big Moves in the Direction of Existing Trends, Commodities Up, Stocks Down, Dollar and Gold Up (Premium)

The markets are getting rattled with big moves after the invasion of Ukraine, but these moves are in the direction of existing trends. Oil, industrial metals, gold and agriculture were already in market leading uptrends. They are also up strong today. SPY, QQQ and many ETFs were already in downtrends after impulse declines in January. There were oversold bounces in February, but

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Mkt/ETF Commentary – Volatility Remains, QQQ Bounces after Break, Energy and Defensive ETFs Lead, Metals and Ag Hold Up (Premium)

Small-caps were the talk of the town in mid November as they broke out of a seven month range and the skies opened up. Volatility then reared its ugly head in late November when the Russell 2000 ETF (IWM) fell some 12 percent from a new high. IWM continued lower in January and hit a 52-week low. The Russell 2000 Growth ETF (IWO) led the way as money fled high-beta stocks and ETFs.

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Mkt/ETF Commentary – CBM Turns Bearish as Market becomes Oversold, Commodity ETFs Hold Up, Downtrend Signals Expand (Premium)

There were lots of downtrend signals this past week and over the past month. Selling pressure expanded and broadening participation on the downside was enough to push the Composite Breadth Model back into bear market mode. Note that I will update the Market Regime page on Friday morning. For now, the pickings are slim among the equity-related ETFs

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