Weekend Video – SPY Stalls in Gap Zone, Tech ETFs Break Short-term Resistance, Down Gaps in XLI, XLE, XLB and XRT (Premium)

Check the main analysis page again on Sunday for a two part series looking at the Gold SPDR (GLD) and Silver ETF (SLV). Part 1 looks at signals based on the 200-day SMA and EMA, and shows how to improve results. Part 2  tests signals using the Trend Composite and analyzes the price charts for GLD and SLV.

It was another week full of gaps. Tech-related ETFs rebounded and gapped up on Thursday. The old economy ETFs gapped down on Wednesday and did not partake in the tech rebound. Thus, we have up-gaps and short-term breakouts in tech competing with down-gaps and short-term pullbacks in old economy (industrials, steel, materials, energy). There are not a lot of setups in play right how. JETS still has a falling wedge breakout in play and XLU is forming a bull flag. IBB broke short-term resistance with a surge off long-term support and IHI broke short-term resistance after a sharp 50-67% retracement. ASHR is holding on to its breakout, but CHIX is looking feeble. Below are bullet points and the order of play:

Broad Market Analysis

  • SPY Stalls in Gap Zone
  • QQQ Dips below 10-week SMA
  • IWM Extends its Consolidation
  • Market Regime Remains Bullish
  • BBB Yield Spreads Hit New Low
  • Fed Balance Sheet Hits New High
  • TLT Poised to Bounce?
  • Oil Backs off Long-term Resistance

ETF Highlights

  • ETF Ranking Table – Not Many New Highs
  • New StochClose Signals: GLD, SIL, SKYY, EWJ
  • Mind the Gap-Breakout (XLK, IGV, IPAY, SOXX, CIBR)
  • XLI Holds Gap Down and Forms Wedge
  • Harami and Gap Down for XLE and XLB
  • XLU Goes for Short-term Breakout
  • ITB with Weak Bounce and XRT Down Gap
  • KRE Holds On to Breakout
  • JETS Battles Breakout Zone
  • IBB and IHI Break Short-term Resistance
  • XES and FCG Hold ATR Trailing Stops
  • Copper Complex Corrects within Uptrend
  • SLX and XME Gap Down
  • Monitoring Breakouts in ASHR and CHIX
  • IEMG Shows Signs of Breakdown
Thanks for tuning in and have a great weekend!

-Arthur Hill, CMT
Choose a Strategy, Develop a Plan and Follow a Process

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