Financial Sense – Rotation, SPY/QQQ Targets, Gold Stalls and BTC/QQQ Correlation
- Arthur Hill, CMT
These are the charts from my interview with Cris Sheridan and Financial Sense [1] on Friday, August 22nd. A correction and market rotation started in August as money moved out of tech groups and into defensive groups. QQQ and Nasdaq 100 are the dominant force in the market right now. As such, a correction in QQQ would weigh on SPY, and could affect Bitcoin because of the positive correlation. Even before this week’s decline, breadth was mediocre and narrow leadership. Small-caps held up well in August, but IWM remains a long-term laggard. And finally, gold is winding up with a bullish continuation pattern taking shape.
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Trend and Support for SPY
Trend and Support for QQQ
Trend and Support for MAGS
IWM Still a Long-term Laggard, but...
Mediocre Breadth: %Above 200-day Strong, New Highs Lacking
IEF Holds Breakout
GLD Surges with Ascending Triangle
SLV Breaks out of Pennant
Bitcoin Hits first Support - Positively Correlated with QQQ
Recent Reports and Videos for Premium Members
- Bullish Setups in Cloud, Software and 3 other Tech ETFs
- A Bullish Breakout in an Aerospace Stock
- Housing ETFs and Home Depot Test 200-day SMAs
- 3-month Yield Points to Dovish Fed (Market Regime)
- Bond ETFs Extend on Breakouts, but Still Lag Stocks
- Click here to take a trial and gain full access. [2]