Weekend Video – Spinning Top, Indicators Turn Mixed, Correction Targets, Bond Breakouts Fail, Banks Buck Selling and More

The extended uptrend in stocks hit a speed bump this week with a sharp decline on Thursday-Friday. Today we will review the percent above 200-day SMA indicators and their extended nature. Attention then turns to the medium-term indicators, which turned mixed this week. The odds for a correction were already brewing and it looks like some sort of correction is unfolding. I will look at potential targets for SPY and QQQ, as well as for several ETFs in the ChartBook. Elsewhere, the Bond ETF breakouts failed, REITs continued their big stall, banks bucked the selling pressure and IWM did not confirm the recent high.

As the links below show, there are a few new chartbooks in town. I added a chartbook for the breadth models and indicators, as well as for the broad market charts and indicators. Also note that the ETF ChartBook is organized by grouping and ranking the ETFs according to their chart patterns and trend strength. A list of the groups is included at the beginning.

Thanks for tuning in and have a great weekend!
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