Weekend Video and Chartbook – Breakouts and New Highs Proliferate, Bonds and Gold Get Slammed, ETF Ranking Table

The post-breakout moves in SPY and QQQ look pretty normal, but the 10-week surge in the Russell 2000 ETF looks downright frothy. What else is new. Even so, two S&P 500 medium-term breadth indicators are holding strong and show no signs of deterioration that would suggest a correction. In the ETF Chartbook, we saw lots of consolidation breakouts this week and new highs (closing prices) in seven of the nine sector SPDRs. Bonds took it personal this week as the TLT fell 4%, which was the most since June. Gold followed with a 2.8% decline, which occurred after a 2% gain on Monday. Today’s video also includes a section explaining the ETF Ranking, Trends and Setups table.

Check the ChartBook link at the top for charts with specific notes and analysis. These include the Software ETF (IGV) and Gold SPDR (GLD). The commentaries in late December and on January 4th featured several consolidation/pullback setups that were working and many of these broke out this week. There are not many setups after this week’s broad market surge.

Thanks for tuning in and have a great weekend!

-Arthur Hill, CMT
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