Market/ETF Video – Weight of the Evidence Bullish, Short-term Support Levels to Watch, Tech-Based ETFs Fail at Resistance (Premium)

Market/ETF Review and Outlook Video

Despite some volatility around the CPI report, there is no real change in the market situation. The Market Regime for stocks is positive because the Composite Breadth Model is at +1 and yield spreads are narrowing. The intermarket relationships since mid October are holding: stocks up, bonds, up, yields down, Dollar down and gold up. Watch these relationships and support levels in several stock-based ETFs for clues on the strength of the current advance (QQQ, MDY, RSP, SOXX, ITB, XRT, XLK, XLI).

Broad Market Notes

  • Composite Breadth Model Stays Positive
  • 10-day EMA of AD% Holds Key to CBM
  • Spreads Narrow and Balance Sheet Contracts
  • Three Items to Watch for Short-term Uptrend in SPY
  • Short-term Support Holds for QQQ, RSP and MDY
  • TLT Remains in Key Retracement Zone (plus $TNX)
  • Dollar Bullish ETF Breaks Rising 200-day
  • Gold Breaks Above 200-day SMA

ETF Trends, Patterns and Setups

  • New Trade for Trend-Momo Bull-Bear ETF Strategy (FXE for UUP)
  • Plenty of Downtrends Remain in Stock-Based ETFs
  • Medical Devices ETF Joins Healthcare with New Uptrend (IHI)
  • Healthcare SPDR Nears 2022 Highs (XLV)
  • Aerospace & Defense ETF Consolidates Near New High (PPA)
  • Biotech ETF Consolidates Near Summer Highs (IBB)
  • Healthcare Providers ETF Holds Breakout (IHF)
  • Water Resources ETF Extends on Uptrend (PHO)
  • Insurance ETF Pulls Back after New High (KIE)
  • Energy ETFs Get Oversold Bounce (XLE, XOP, FCG)
  • Home Construction ETF Extends on Breakout (ITB)
  • Semis Hold Support as Networking Consolidates after Surge (SOXX, IGN)
  • Watch Support for Tech, Industrials, Retail and Junk (XLK, XLI, XRT, JNK)
  • Watch Resistance for Tech-Based ETFs (SKYY, CIBR, FDN, IGN)
  • Autonomous EV and Auto ETFs Consolidate Below 200-day (DRIV, CARZ)
  • US Oil Fund Gets Oversold Bounce (USO, DBE)
  • Platinum Holds Breakout as Silver Surges (PLTM, SLV)
  • DB Base Metals and Copper ETFs Challenge 200-day SMAs (DBB, CPER)
  • Soybeans Hold Breakout, Sugar Pops and Livestock Consolidates (SOYB, CANE, COW)
Thanks for tuning in and have a great day!

-Arthur Hill, CMT
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