Weekend Video – Participation Broadens, Old Economy ETF Come to Life, Tech Remains Strong, Biotechs Get Interesting (Premium)

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Stocks continued their October run with the S&P 500 SPDR, S&P 500 EW ETF and S&P MidCap 400 SPDR hitting new highs. Participation is clearly broadening and this is reflected in the percentage of S&P 500 stocks above selective moving averages. There were also 17 new uptrend signals via the StochClose indicator. Elsewhere, the Fed balance sheet hit a new high and seasonal patterns are bullish in November. Within the core ETF list, the Industrials SPDR, Materials SPDR, Infrastructure ETF, Metals & Mining SPDR and Home Construction ETF are making bids to end corrections that began in May. The metals related ETFs took a breather after their big breakouts as the Copper Miners ETF fell back. The Electric Vehicle ETFs are leading with new highs and the two biotech ETFs are at interesting junctures.

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 Expands to New High
  • Yield Spreads Show No Signs of Stress
  • SPX %Above SMA Indicators Improve
  • Seasonal Patterns are Bullish
  • SPY and MDY Hit New Highs
  • QQQ and XLK Extend on Breakouts
  • Small-caps Struggle, but Remain Bullish
  • TLT and GLD Battle 200-day SMAs
  • Dollar Tests Breakout Zone
  • Oil Hits Another New High

ETF Trends, Patterns and Setups:

  • 17 New Uptrend Signals for StochClose
  • C Discretionary, Finance and Energy Lead with New Highs
  • Industrials and Materials Sectors Challenge Channel Lines
  • Staples and Utilities Reverse Near 200-day SMAs
  • REITs and Healthcare Reverse after Short Corrections
  • Cloud, Cyber Security and Software Lead Tech ETFs
  • Home Construction ETF Bounces off 200-day with Big Triangle
  • Bank and Insurance ETFs Extend after Breakouts
  • Clean Energy ETFs Challenge Resistance (QCLN, ICLN, TAN)
  • Infrastructure ETF Turns Up within Bigger Correction
  • Biotech ETFs Hits Retracement Zone as Biotech SPDR Finds Support
  • Medical Devices ETF Reverses after Short Correction
  • Transports ETF Extends on Wedge Breakout
  • Agribusiness ETF Breaks out of Big Triangle
  • Lithium Battery Tech ETF Breaks out of Flag
  • Metals & Mining SPDR Challenges Triangle Line
  • Copper Miners ETF Falls Back after Breakout
  • Water Resources ETF Reverses after Short Correction
  • Electric Vehicle ETFs Break Out of Channels
  • Sports Betting iGaming ETF Forms Bull Flag
  • UFO Attempts Breakout within Range
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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