Weekend Video – Large-caps Lead, Bearish Continuation Pattern in IEF, Asian ETFs with Breakouts (Premium)

Vacation Notice

It is time for a little vacation in July and the publishing schedule will be as follows: 

  • Vacation from July 5th to July 8th (Monday to Thursday)
  • Short Updates on July 9th and 10th (Friday/Saturday)
  • Vacation from July 12th to 17th (Monday to Saturday)
  • Normal Schedule Resumes on Thursday, July 22nd

Think I will reread Reminiscences of a Stock Operator and Trading in the Zone, which are two of the twelve books on my reading list.

Stocks finished on a high note with SPY and QQQ hitting new highs. Mid-caps, small-caps and micro-caps are still short of new highs and lagging large-caps overall. Treasury yields look poised to move higher, which means bonds look poised to move lower. Gold is very oversold, but still has a rather ugly chart. Tech, Communication Services and Healthcare are leading the big sectors, while Finance got an nice oversold bounce. The clean energy and marijuana ETFs could be reversing their big declines and I am seeing breakouts in some Asian ETFs.

Broad Market Notes

  • Another New High for SPY
  • Small-caps are Anybody’s Guess
  • QQQ Leads, but Gets Extended
  • 5yr Yield Breaks Out as 10yr Bounces
  • Bearish Continuation Pattern for IEF
  • Junk Bond ETF Breaks Out
  • Gold Becomes Oversold After being Broadsided
  • SLV Tests Lower Boundary of Big Triangle
  • Oil Hits Another New High

ETF Highlights

  • Russell Microcap ETF Breaks Out
  • XLK, XLV and XLC Lead Big Sectors
  • XLF Gets Oversold Bounce as Rates Rise
  • Triangle Breakouts and Extended (IGV, FDN, SKYY, CIBR)
  • SMH Forms Big Bullish Continuation Pattern
  • Big Wedge Breakouts, but Extended (FINX)
  • ITB Pops, but No Follow Thru
  • KRE Bounces within Flat Consolidation
  • XAR Extends Rising Channel with New High
  • ICLN and PBW Go for Short-term Breakouts
  • MJ Forges Higher High and StochRSI Pop
  • IBB Extends as XBI Gets Short-term Breakout
  • IHF Forms Bullish Continuation Pattern
  • PHO Triangles within Long-term Uptrend
  • CARZ and IDRV Stall above Breakout Zones
  • EWA Bounces off Lower Channel Trendline
  • ASHR Bounces off Rising 200-day
  • EWT Goes for Flag Breakout, EWY for Triangle
  • IEMG Gets Flag Breakout
Thanks for tuning in and have a great weekend!

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