Equity-related ETFs continued strong this week with large-cap techs leading the way here in April. SPY also hit a new high, but small-caps are lagging as IWM stalls. Bank and energy related ETFs are also dragging their feet a little. Relative weakness is not a concern because IWM, KRE and XES were very extended and ripe for a rest. Today’s video is divided into two parts. First, we cover the broad market and oil. Second, we cover a wide array of ETFs. The bullet points below show the order of play.
- New Highs for QQQ and SPY as IWM Lags
- Yield Spreads Hit New Lows
- Energy Off My Radar as Oil Hits Long-term Resistance
- 90% of S&P 500 Stocks above Long-term SMAs
- StochClose Whipsaw Signals and Big Moves (IGV, SIL)
- New Highs for a Wide Array of ETFs
- Strong Flag Follow through for XLK, XLY and Others
- Small Large Divide: IGV/XSD, SOXX /XSD, IBB/XBI
- Pennant Breakout for XLV – Strength in IHF and IHI
- FDN, IGV and SKYY Clear Mid March Highs
- CIBR holds Flag Breakout
- Watch April 1-2 Highs for IBB, PBW, ARKG, ARKK
- Consolidation Breakouts for CARZ, DRIV and IDRV
- Triangle Consolidation for MJ and YOLO
- KRE Drags its Feet along with Small-caps
- RSI Bullish Failure Swing in GLD and SIL Support
Thanks for tuning in and have a great weekend!