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 bulk of the evidence remains bullish for stocks, but some yellow flags are starting to appear. Yellow flags argue for some caution and are not outright bearish. For example, defensive sectors are leading, but the offensive sectors are still holding up, even though they are lagging. Small-caps are
Large-caps and large-cap techs ripped higher the last five-six weeks with SPY and QQQ hitting new highs. The Technology SPDR and Consumer Discretionary SPDR are leading the charge among the sectors with 13+ percent gains. Keep in mind that Amazon accounts for 23.5% of XLY and Tesla accounts for 14.45%. These two are not exactly pure plays in the
There is plenty of strength within the stock market and also a few pockets of weakness, or lackluster performance. SPY and QQQ hit new highs this week. This shows broad strength within the S&P 500 and large-cap tech stocks. There were new highs in ETFs related to finance, tech, industrials, materials, healthcare, housing, steel, REITs, semiconductors
The S&P 500 SPDR hit a new high to affirm the bull market and seven sector SPDRs joined the new high parade (XLK, XLY, XLC, XLI, XLB, XLRE, XLP). The Finance SPDR (XLF) and Healthcare SPDR (XLV) are within 2% of 52-week highs. Strength within the S&P 500 is broad and supportive of a bull market. Today’s report will show QQQ close to a new high and IWM struggling, but still bullish. Technology and Consumer Discretionary
There are plenty of strong pockets in the stock market with several cyclically oriented ETFs hitting new highs and large-cap techs coming back to life. This month we are seeing new highs in ETFs related to industrials, materials, housing, semiconductors, transports and steel. We are also seeing some big moves in ETFs dominated by large-cap tech. The Consumer Discretionary SPDR hit a new high and I consider Amazon, its
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.
The S&P 500 SPDR hit a new high to affirm the bull market and three sectors confirmed this new high. The Consumer Staples SPDR, Materials SPDR and Industrials SPDR recorded new highs at some point this week. Even though the other big sectors did not hit new highs this week, they are in uptrends and within three percent of new highs. These include the Technology SPDR
The market continues to be mixed and bullish. Techs and high-flying ETFs led the correction from the February highs to the March lows, but we are now seeing signs of short-term leadership in large-cap techs, namely QQQ and XLK. These two held well above their early March lows and broke out of flag patterns. Other tech-related ETFs and high-flyers are
Today’s commentary will focus on three ARK ETFs. Overall, there are eight ARK ETFs that capture cutting-edge technology or innovation in several areas. Six of the eight have been trading for more than three years. The ARK Fintech Innovation ETF (ARKF) started trading in February 2019 and the ARK Space Exploration ETF
Dozens of high flying stocks and ETFs are down double digits from their February highs, but chartists should put these declines into perspective when analyzing the charts. The ARK Innovation ETF (ARKK), the Clean Energy ETF (PBW) and the Solar Energy ETF (TAN) declined over 30% from their February highs to their March lows, but …
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
The market regime remains bullish, but we are seeing corrective price action over the last few months. The Nasdaq 100 ETF started it all off with a sharp decline from mid February to early March. IWM got involved this week with its biggest fourth decline greater than 9% since March 2020. SPY has largely avoided the correction fray and remains the strongest of the big three.