Market/ETF Video – Defining the Uptrend in SPY, TLT Firms as Dollar Gets Extended, Watching February Pullbacks in Several ETFs (Premium)

Market/ETF Review and Outlook Video

Stocks corrected throughout February and many ETFs are setting up with pullback patterns taking shape. The S&P 500 SPDR (SPY) is testing its 200-day SMA after a pullback the last four weeks. QQQ broke out of a double bottom and then fell back into the breakout zone. IWM led the market in January and also pulled back. These pullbacks could be mere corrections after the big moves in January, but the short-term trends are down until we see some breakouts. As such, I will be watching short-term resistance levels for breakouts. There are many other ETFs with these pullback patterns and I will highlight these in today’s video.  

Next Report will be posted on Friday, March 3rd.

Broad Market Analysis

  • Composite Breadth Model is Bullish
  • SPY Tests 200-day and Wedge Line
  • SPY is Oversold with Dip below Lower Band
  • Yield Spreads Tick Up, but Remain Narrow
  • Junk Bond ETF and those Pesky Trendlines
  • TLT: Watching the Downswing within a Triangle
  • 10-yr Treasury Yield Breaks December High
  • Dollar Breaks January High, but is Short-term Overbought
  • Gold Hits 33% Retracement Level (plus Platinum)
  • USO Remains Range Bound within Bigger Downtrend

ETF Trends, Patterns and Setups

  • Insurance, Aero-Defense, O&G Equip-Serv and Water Lead (KIE, PPA, XES, PHO)
  • QQQ and XLK with Short-term Support Breaks and Pullbacks
  • Russell 2000 Pulls Back after Big January (IWM, IWO)
  • Cybersecurity Holds up within Tech (CIBR)
  • Semis and Software Pullback after Big Gains in January (SOXX, IGV)
  • Housing, Retail and Banks with Sharp Pullbacks (ITB, XRT, KRE)
  • Clean Energy ETF Retraces 50-67% of January Surge (PBW, TAN)
  • Airline ETF Retraces 50% of January Surge (JETS)
  • Agribusiness ETF form Falling Wedge in February (MOO)
  • Energy SPDR Becomes Oversold Near Support (XLE)
  • Biotech SPDR outperforms Biotech ETF (XBI, IBB)
  • Low Volatility and Defensive ETFs Extend Declines (SPLV, XLP, XLV)
  • Copper and Base Metals Extend Pullbacks (CPER, DBB)
Thanks for tuning in and have a great day!

-Arthur Hill, CMT
Choose a Strategy, Develop a Plan and Follow a Process

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