SPY and QQQ eked out new highs this week and IWM even bounced. However, IWM is still down over 5% the last twenty weeks and seriously lagging the other two, which are up double digits. Despite continued strength in SPY, there are some concerns brewing under the surface. Yield spreads edged up, S&P 500 breadth is
Today’s video starts with new highs in SPY and QQQ, and the extended trading range in IWM. Large-caps, large-cap techs and healthcare are leading the market, while small-caps, industrials, finance and others are lagging. Even though several groups are lagging because they declined the last one to three months, many formed falling wedge
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
After getting derailed with a curve ball on Tuesday, the bulls rebounded stocks ended the week on a high note. Again, a wide array of ETFs recorded fresh 52-week highs and there are plenty of strong groups in the stock market. This week we are seeing a possible return to growth, clean energy and China
The S&P 500 hit a new all time high this week and large-cap techs perked up with QQQ surging. Small-caps are lagging, but IWM is not really bearish. The Composite Breadth Model remains firmly bullish with the short-term indicators for the S&P 500 outpacing those in the S&P 1500. Yield spreads narrowed further this week, while the Fed balance sheet contracted a little.
Today’s video starts with the corrections in QQQ and IWM, and the resilience in SPY. Techs started the corrective process and small-caps joined this week, but large-caps in the S&P 500 remain immune. Nevertheless, QQQ has a flag breakout working and shows some short-term relative strength. Stocks could find another wind from two bullish seasonal
Stocks perked up this week and we saw flag breakouts in several ETFs. Small-caps led the charge with IWM hitting a new high. QQQ even rebounded with a breakout, but is still lagging year-to-date. Strategically, the Composite Breadth Model remains in bull market mode. Tactically, the breakouts are holding and we will show how to monitor SPY and QQQ going forward. It was also a big week for Utilities and Consumer Staples,
Despite an increase in intraday volatility the last few weeks, the recent pullback is actually quite tame, especially for the Russell 2000 ETF and S&P 500 SPDR. QQQ bore the brunt of selling pressure and the Nasdaq 100 Breadth Thrust Model turned bearish. I am not concerned with this signal because the S&P 1500 Thrust Model remains bullish. Today’s video will show backtest results
Only three of the sixty ETFs in the core list advanced this week: AGG, TLT and LQD (bonds). Everything else declined, but the biotech ETFs (IBB and XBI) declined the least of the common stock ETFs. The banking and insurance ETFs (KRE, KBE, KIE) led the way lower with the banking ETFs hitting 52-week lows.
Weekend Video, Chart Notes and ChartBook Update ETF Chart Notes for Saturday, February 22nd * These chart notes are also in the ChartBook PDF file (link above) New 52-week Highs (during the week – unadjusted data) Major Index ETFs: SPY, RSP, MDY, QQQ, MTUM, USMV Sector SPDRs: XLK, XLY, XLC, XLP, XLU, XLRE Equal-Weight Sectors: …