Today’s video starts with a long-term weekly chart of the S&P 500 SPDR and the reason I consider this advance as a medium-term uptrend. The medium-term trend indicators remain in bull mode and the mid-cap breadth model turned bullish this week as participation broadened. We can see this in the ranking tables as the StochClose values shot up for the Industrials SPDR and Regional Bank ETF. Money moved out of precious metals and bond ETFs as their respective RSI values fell into oversold territory. This puts them at interesting junctures: long-term uptrends and short-term oversold. We finished with the ChartBook, Fed and yield spreads.
-Arthur Hill, CMT
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