Market/ETF Review and Outlook Video
The Composite Breadth Model remains negative, but the breadth indicators show a split among stocks with roughly half above their 200-day SMAs and half below. The Fed balance sheet continues to contract, but yields spreads remain narrow and do not show stress in the credit markets. Gold and precious metals are leading, while base metals and copper joined the fray with big moves this year. There are lots of short-term breakouts working over the past week and I will highlight some of these in the video.
Broad Market Notes
- Composite Breadth Model is Negative
- %Above 200-day SMA Shows Split Market
- Junk and BBB Spreads Do Not Show Stress
- SPY with Short-term Upswing and Long-term Downtrend
- QQQ Bouncing within Downtrend
- IWM Starts Outperforming
- TLT Forms Higher Low, but Still in Downtrend
- 10-yr Treasury Yield Corrects after New High
- Dollar Bullish ETF Remains in Strong Downtrend
- Gold Extends Higher as Dollar Falls and Yields Rise
ETF Trends, Patterns and Setups
- ETF Trend and Rank Table Update
- XLK with Short-term Breakout in Long-term Downtrend
- Industrials and Finance Continue to Lead (XLI, XLF)
- Staples and Utilities Breakout of Consolidations (XLP, XLU)
- Healthcare SPDR Pulls Back after Big Surge (XLV)
- Biotech ETF Holds Short-term Breakout (IBB, plus XBI)
- Healthcare Providers ETF Turns into Laggard (IHF)
- Energy SPDR is Breaking out of Consolidation (XLE)
- XES and AMLP Lead Energy ETFs Higher
- Networking and Semis Lead Tech ETFs (IGN, SOXX, IGV)
- Leading Uptrends (ITB, KIE, PPA, PHO)
- Short-term Breakouts (XME, EDOC, SUSA, URA)
- Oil Remains in Long and Short Term Downtrend (USO, DBE)
- Silver and Platinum Follow Gold (SLV, PLTM)
- Base Metals and Copper Surge (DBB, CPER)
Thanks for tuning in and have a great day!