It was quite an eventful week with the 10-yr yield falling sharply, the 5-yr yield surging, gold reversing its upswing and stocks taking a hard hit the last three days. Tech and Healthcare are holding up relatively well as Industrials, Finance, Materials and Consumer Staples led the decline. Mid-caps fared the worst and the Nasdaq 100 Next Gen ETF (QQQJ) is at a moment of truth. Even though techs are holding up, we are seeing weakness in banks, steel, housing and metals. A medium-term breadth indicator also hit its lowest reading since October and this shows an increase in downside participation.
Broad Market Notes
- SPY Gaps Below Rising 50-day
- RSI Breaks Bull Range for EW S&P 500 ETF
- MDY Breaks May Low (relative weakness)
- IJR Fails to Hold Breakout
- QQQ Holds Above 50-day (relative strength)
- QQQJ Hits Channel Resistance
- Market Regime Remains Bullish, but…
- Short-term Breadth Deteriorates
- May-June Live up to Seasonal Patterns
- Fed Balance Sheet Hits New High
- Yield Spreads Hit New Lows
- Gold Reverses Upswing with Violent Decline
- Oil Holds above Breakout Zone
- Dollar Surges off Support
- Bonds Extend Oversold Bounce
- Bullish Continuation Patterns for 10yr Yield
ETF Highlights
- Short and Long Term Leaders/Laggards
- Finance, Materials, Industrials, Staples Lead Lower
- XLV Holds Up Relatively Well
- XLU Fails to Hold Breakout
- Tech ETFs Hold Upswings (IGV, CIBR, FDN)
- Tech ETFs with Lower Highs? (SOXX, SMH, XSD, IPAY)
- FIVG Triggers Trailing Stop
- ITB: Oversold Wedge within Bigger Uptrend
- KRE Breaks March Low
- ITA Tests Breakout Zone (support)
- IBB Sets Up with Six Day Pullback
- IHI Holds Wedge Breakout
- IHF Corrects within Bigger Uptrend
- XES, XOP and FCG Trigger Trailing Stops
- Commodity-Related ETFs become Very Oversold
- CARZ and IDRV Test Breakout Zones
- BETZ Reverses Upswing within Consolidation
Thanks for tuning in and have a great weekend!