Weekend Video – IWM Goes for Again, Copper/Metal ETFs Throw Back to Breakouts, IPAY and StochClose Signals (Premium)

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Stocks continued their October run with SPY and QQQ closing at new highs. Mid-caps and small-caps are still struggling, but their charts are more bullish than bearish. Some of the old industry ETFs corrected over the last few months and are challenging their August highs (industrials, infrastructure, materials). The copper and base metals ETFs fell back to their breakout zones, which offer first support. XLC has been lagging here in October, but has a bullish setup to watch, as does the Sports Betting iGaming ETF.

Trading Corrections: Identifying and trading the falling wedge.

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

Broad Market Notes

  • Composite Breadth Model Remains Bullish
  • Fed Balance Sheet Contracts a Fraction
  • Yield Spreads Show No Signs of Stress
  • SPY and QQQ Finish Month at New Highs
  • MDY and IWM Underperform, but Still Bullish
  • The Noose Tightens for Russell Microcap ETF
  • 20+ Yr Treasury Bond ETF Holds Short-term Breakout
  • 10-yr Treasury Yield Does Not Confirm
  • Gold Reverses Short-term Upswing
  • Dollar Breaks out of Falling Flag
  • Oil Falls back after New High

ETF Trends, Patterns and Setups:

  • Uptrends, Short-term Extended, No Setup – Energy and Finance Related ETFs
  • Fresh Breakout – Agribusiness/AG ETFs and Lithium Battery Tech ETF
  • Choppy Uptrends and New Highs – Electric Vehicle ETFs CARZ, IDRV, DRIV
  • Throwback after Breakout Surge – Copper and Base Metals ETFs
  • Short Pullback and/or Oversold Setup – XLC, FDN, BETZ
  • Extending Higher after Short-term Breakout – XLV, IHI, XLRE, IYR, REZ, REMX, PHO, KRBN
  • Tech ETFs Still Leading – XLK, IGV, CIBR, SKYY, SOXX
  • StochClose Bullish Signal vs Ugly Chart – Mobile Payments ETF
  • October Leaders, Strong Breakouts, Short-term Extended – QCLN, ICLN, TAN, IYT
  • Long Correction and Challenging Resistance – XLI, IFRA, XME, XLB, ITB, PBJ
  • Biotechs – IBB Edges Higher as XBI Tests Support
  • Shaky October – Defense (ITA), Steel (SLX) and Space (UFO)
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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