Weekend Video – Breadth Models, Supports, Wedges, Bullion, Bonds and Biotechs

The weekend video starts with long-term and short-term breadth models for four major indexes: Nasdaq 100, S&P 500, S&P MidCap 400 and S&P SmallCap 600. Only one of the four long-term breadth models is bullish – and no prizes for guessing which one. This week’s bounce established uniform support levels in dozens of ETFs to watch next week. There are ominous wedges in MDY and IWM, but the wedges are still rising and we will set key support. I will also zero in on three indicators to watch for clues on the medium-term uptrend. We will end with the Chartbook, the Fed’s balance sheet and yield spreads. Bullion, bonds and biotechs are standing out.