Weekend Video – SPY Leads, QQQ Surges, Housing and Industrials Hit New High, HERO and COPX Break Out (Premium)

The S&P 500 hit a new all time high this week and large-cap techs perked up with QQQ surging. Small-caps are lagging, but IWM is not really bearish. The Composite Breadth Model remains firmly bullish with the short-term indicators for the S&P 500 outpacing those in the S&P 1500. Yield spreads narrowed further this week, while the Fed balance sheet contracted a little. Turning to ETFs, there were a number of bearish StochClose signals recently, but these could be downside overshoots after upside excess in February. There were new highs in ETFs related to industrials, materials, steel, housing and REITs. The Semiconductor ETF held up the best of the tech-related ETFs and is close to a new high. We are seeing a breakout in the eSports ETF and a bullish consolidation in the Auto ETF.