Weekend Video – A Record Run, BBB Spreads, Bull Market Turns 1, Oversold Bounces in ITB and COPX, Upswings in CARZ and BETZ (Premium)

This commentary will look at this historic advance in the S&P 500, and them some less historic charts for oil, […]

There is a rotational or rolling correction underway in the stock market. Tech-related ETFs and high flyers peaked in mid February and corrected into May. During this period, the old economy ETFs picked up the slack and moved to new highs (industrials, materials, steel, copper, energy, banking, housing).

This article is the second of a two part series where we put gold and silver to the test. The first article showed test results for crosses of the 200-day SMA and EMA. This article tests the Trend Composite signals

It was another week full of gaps. Tech-related ETFs rebounded and gapped up on Thursday. The old economy ETFs gapped down on Wednesday and did not partake in the tech rebound. Thus, we have up-gaps and short-term breakouts in tech competing with

This commentary will look at oil, gold, silver, bonds and the Dollar. I am sure that there are some intermarket narratives at work here, but I will try to stick with the price charts for a pure assessment. Oil is backing off of a massive resistance zone. Gold broke above the 200-day SMA as it extended its run and silver is challenging

The ETF universe is also split. We are still seeing plenty of strength in the old economy ETFs as several recorded new highs in May. The highest of the high flyers remain weak with ETFs related to clean energy, cannabis, cloud, ARK and biotech forging lower lows here in May (below their March lows). Most eyes are on some tech-related ETFs

Stocks closed weak on Tuesday and are set to open lower on Wednesday, which means the corrective process is set to continue. It is still a bull market according to the Composite Breadth Model and the weight of the evidence, but the near-term picture is looking shaky with QQQ struggling

It was a week full of gaps, dips and rebounds. For example, SPY gapped down on Tuesday and tested its 50-day SMA on Wednesday. An inside day formed as the ETF rebounded on Thursday and another gap formed on Friday as SPY surged into Tuesday’s gap zone. Several tech related ETFs formed harami candlestick patterns near support and gapped up on Friday. These gaps, while short-term

I covered the stock market environment on Tuesday and Thursday because it seemed timely given price action. This commentary will focus on the macro picture with analysis for oil, gold, gold miners, silver and bonds. Gold looks bullish and we have a new trend signal in the Gold Miners ETF. Copper looks even more

There is a lot going on in the market here in May, but the action started in February with the peak parade. The market was hit hard from mid February to early March and this February high marked an important peak for several high-flying and tech-related ETFs (TAN, IGV). Next, the Russell 2000 ETF

Tech and high-growth took another beating on Monday and followed through on last week’s breakdowns. Even though other areas are still holding up, many non-tech stocks and ETFs closed lower after being up during the day. The chart below shows the Home Construction ETF (ITB), Regional Bank ETF (KRE),

It was another week and another new high for SPY and the old economy. Outside of tech and high-growth, strength in the S&P 500 is broad as the S&P 500 Equal-weight ETF also hit a new high. ETFs related to industrials, finance, materials, consumer staples, transports, healthcare, energy, housing, steel, copper, and uranium hit

The broad market environment (market regime) remains bullish. The Composite Breadth Model is bullish and the key inputs (breadth indicators) support this bull market. Even though QQQ dipped the last two weeks and IWM stalled since mid February (blue shading), SPY hit a new high recently and all three remain well above their rising 200-day SMAs (red lines).

A benchmark high/low is a price peak/trough that we can use to compare performance. ETFs that break above benchmark highs, such as the mid March highs, show relative strength. ETFs that fail to exceed these highs show relative weakness. ETFs that break below benchmark lows, such as the late April lows, show relative weakness. ETFs that hold these lows show relative strength.