Weekend Video – Seasonality, Breadth, Short-term Uptrend and ChartBook

Top 23 ETF Ranked by StochCLose

The image below comes from the StochClose rankings (read about here). The top ten still feature the Gold Miners ETF (GDX), Gold SPDR (GLD) and two bond ETFs, but TLT and AGG slipped in the ranking as these ETFs weakened a little. Tech and healthcare related ETFs still dominate the top 23. I picked 23 ETFs for this table because these 23 have StochClose values above 60, which implies an uptrend. The other 37 ETFs in this list are still in downtrends of some sort. Also notice that the tech-related ETFs had the biggest positive changes in the StochClose as the sector led again this week.

Tech Flips Again

In case you were wondering, the Tech %Above 200-day EMA (!GT200XLK) surged back above 60% to trigger bullish. As noted on Friday, lots of stocks in the Technology sector are near their 200-day and recent volatility is producing some whipsaw signals as they battle this moving average.

With Technology flipping from bearish on May 1st to bullish on May 8th, the sum of the weighted signals is positive again. However, seven of the eleven sectors are net bearish, including Finance, Consumer Discretionary and Industrials. The indicators are split with 17 bearish signals and 16 bullish signals, but most of the long-term signals are bearish (High-Low% and %Above 200-day EMA).

Thanks for tuning in and enjoy your weekend!

-Arthur Hill, CMT
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