Weekend Video – SPY and QQQ Continue to Lead, Gold Pops, Commodity-Related ETFs form Bullish Setups (Premium)

Vacation Notice

It is time for a little vacation in July and the publishing schedule will be as follows: 

  • Vacation from July 12th to 17th (Monday to Saturday)
  • Normal Schedule Resumes on Thursday, July 22nd

Think I will reread Reminiscences of a Stock Operator and Trading in the Zone, which are two of the twelve books on my reading list.

Check out the Premium Page (click here) for articles and videos covering trading strategies, seasonality, exits, patterns and more.

Today’s video starts with SPY and its grind higher. Large-cap techs are leading QQQ higher and these stocks are also contributing to the gains in SPY. Mid-caps and small-caps continue to stall as medium-term breadth indicators deteriorate. The big tech-related ETFs are strong, but extended. Small-caps are lagging, but small-cap growth is breaking out. Elsewhere, I am seeing bullish setups in XLB, IHF, COPX, CPER, SLX, XME, WOOD and IYZ.

Chart Strategy: Trend analysis, bullish setup, chart patterns, RSI and StochClose.

Exit Strategies: Indicators, riding the trend, using the ATR Trailing Stop.  

Broad Market Notes

  • Overview of Premium Page
  • QQQ Powers SPY to New High
  • Mid-caps and Small-caps Still Correcting
  • Composite Breadth Model Remains Bullish
  • Medium-term Breadth Deteriorates
  • Yield Curves Hit New Lows
  • Gold and Silver Pop
  • Oil Remains Strong
  • TLT Pokes its Head above the 200-day
  • Dollar Falls Short of 200-day

ETF Highlights

  • Small and Mid Cap ETFs Get Oversold Bounces
  • Big Wedge Breakout for IWO
  • XLV, XLY, XLK and XLC Power SPY Higher
  • XLB Firms Near Retracement and Gaps Up
  • Software, Cyber and Internet Get Extended
  • Semiconductor ETFs Zigzag Higher
  • Homebuilders ETF Fails to Hold Wedge Breakout
  • Bank ETFs Bounce after Breaking March Lows
  • Defense ETF Holds Breakout
  • Key Level for Clean Energy ETFs
  • Healthcare Providers ETF Sets Up Bullish
  • Copper ETFs with Bullish Setups
  • Steel and Metals ETFs Set Up
  • WOOD Extends on Breakout
  • Cannabis ETFs Turn Dull
  • Telecom ETF Goes for Breakout
  • EV ETFs Consolidate above Breakout Zones
Thanks for tuning in and have a great weekend!

-Arthur Hill, CMT
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