Today’s video starts with the post-breakout extensions in SPY, QQQ and IWM. The latter looks extended, while the breakout extensions in SPY and QQQ look pretty normal as the tight rising channels hold. We have two different milestones to cover: consecutive days above 70 for RSI and the 52-week lows in junk bond spreads. GLD, TLT and UUP are in downtrends overall, but firming and could be poised for bounces. Turning to the ETF Chartbook, we have a new trend signal in XLRE, breakouts in XLU and REZ, and tentative breakouts working in XLI and KIE. Oh, and a StochRSI pop preceded ITB’s surge to new highs.
Weekend Video and Chartbook – RSI Milestones, Tight Channels, GLD and TLT Firm, XLU and REZ Trigger Signals
Thanks for tuning in and have a great weekend!
-Arthur Hill, CMT
Choose a Strategy, Develop a Plan and Follow a Process