Weekend Video – Follow Through with Strong Breadth, Tech ETFs Surge, Industrial Metals Lead (Premium)

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Stocks surged again on Thursday, but this week’s surge was different than the Thursday’s surge the prior week. SPY and QQQ followed through after the open and S&P 500 breadth showed broad participation. Small-caps also bounced, but the S&P SmallCap 600 SPDR was not as strong and remains a laggard overall. Oil continues to power higher with a move above $82 and energy-related ETFs are leading, but some are getting extended. The banking ETFs broke out a couple week’s ago and we are seeing some short-term breakouts in other ETFs with long corrections (XLI, XLB, IFRA, IYT, ITA). Despite renewed leadership from tech, industrial metals really stole the show with new highs in the DB Base Metals ETF and upturns in the Strategic Metals ETF as well as the Lithium Battery Tech ETF. And finally, the choppy Electric Vehicle ETFs are showing signs of leadership again as they break out of consolidation patterns. All this and more in today’s video.

Trading Corrections: Identifying and trading the falling wedge.

Exit Strategies: Indicators, riding the trend, using the ATR Trailing Stop.  

Broad Market Notes

  • Market Regime Remains Bullish
  • Yield Spreads Show No Signs of Stress
  • Fed Balance Sheet Expands by Modest Amount
  • SPY Breaks Out with Strong Breadth
  • QQQ Follows Suit, but Small-caps Waver
  • TLT Gets Oversold Bounce back to Support Break
  • GLD Turns Back at Falling 200-day
  • Dollar Holds Above Breakout Zone
  • Oil Hits Yet Another New High

ETF Trends, Patterns and Setups:

  • Ranking and Signal Table Overview
  • XLY and XLF Hit New Highs as XLK Breaks Out
  • Breakouts within Slow Downtrends (XLI, XLB, IFRA)
  • Short-term Pullbacks and Breakouts (XLRE, REZ, IHI, PHO)
  • Tech ETFs Follow Thru Big (SKYY, IGV, FDN, CIBR)
  • SOXX Gets Short-term Breakout
  • Banking ETFs Hold Long-term Breakouts (KRE, KBE, KIE)
  • Aerospace & Defense ETF Holds Long-term Breakout
  • Airline ETF Looks Set to Disappoint
  • Clean Energy ETFs with Uptrends (QCLN, TAN)
  • Biotech ETFs Finish Week on a Weak Note
  • Energy ETFs Extend Gains
  • Copper and Copper Miners ETF Break out Big
  • Lithium Battery Tech ETF Challenge Flag Line
  • Strategic Metals ETF Breaks Out
  • Electric Vehicle ETFs Set to Challenge Highs
Thanks for tuning in and have a great weekend!

-Arthur Hill, CMT
Choose a Strategy, Develop a Plan and Follow a Process

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