Weekend Video – Broad Strength with the S&P 500, Old Economy ETFs Lead, May-June Seasonality, Think Twice on Crypto ETFs (Premium)

It was another week and another new high for SPY and the old economy. Outside of tech and high-growth, strength in the S&P 500 is broad as the S&P 500 Equal-weight ETF also hit a new high. ETFs related to industrials, finance, materials, consumer staples, transports, healthcare, energy, housing, steel, copper, and uranium hit new highs. With fresh new highs and big moves the last few weeks, there are not a lot of fresh setups on the charts. IJR and KRE are still near their breakout zones, JETS has a bullish wedge forming and MJ remains with a sizable triangle. Today’s video also looks at May-June seasonality, the trouble with triangle patterns and crypto ETFs. The bullet points and order of play are below:

  • SPY Extends Run with Another New High
  • IWM Bounces off Breakout Zone
  • Composite Breadth Model: +40% in 240 Days
  • BBB Spreads Hit New Lows for Move
  • Fed Balance Sheet Ticks Higher
  • Seasonal Patterns for May and June
  • Gold Challenges 200-day
  • Bonds Stall after Oversold Bounce
  • Oil Holds Breakout
  • Dollar Extends Downtrend

ETF Highlights

  • ETF Ranking Table Overview
  • Benchmark Highs and Lows (relative chart performance)
  • S&P 500 EW ETF Hits New High
  • IJR Breaks out of Mini Flag
  • IWO and QQQJ Fail to Hold Breakouts
  • XLF, XLI, XLV, XLP and XLB Lead with New Highs
  • Tech-related ETFs Break Down (un-chartable)
  • FIVG, SOXX and IPAY Standout in Chaos
  • ITB and IYT Hit New High as XRT Challenges High
  • KBE and KRE Hold Breakouts
  • ITA Breaks Out of Ascending Triangle
  • JETS Forms Bullish Wedge
  • Clean Energy ETFs are the Weakest
  • Biotech ETFs in Volatile Battles at 200-day
    XES and FCG Extend on Wedge Breakouts
  • Copper Complex Surges to New Highs
  • URA Surges to New High
  • The Trouble with Triangles: CARZ, IDRV and BETZ
  • MJ and YOLO: Still on Watch for a Breakout
  • GLD: The Bullish Failure Swing that Worked (plus SLV)
  • Korea and India Break Out as Brazil and Poland Surge
  • Crypto ETFs GBTC and OBTC: Fugghedaboutit
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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