Weekend Video – Techs Follow Bonds Higher, Old Economy ETFs Sag, Gold and Silver Consolidate (Premium)

Tech stocks led the market again this week and the tech-related ETFs are the top performers over the last four to five weeks. The old economy ETFs, such as industrials, housing, materials and banks, sagged the last few weeks and weighed on the broader market. This seesaw movement within groups is causing the S&P 500 SPDR and S&P 500 EW ETF to grind higher. This week we will look at bullish consolidations in gold and silver, a retracement opportunity in ITB, a breakout working in XLU and a tight flag for IEMG.

Broad Market Notes

  • Stock Market Splits as Yields Fall
  • SPY Grinds Higher
  • QQQ Extends on Short-term Breakout
  • IWM Remains Flat
  • Yield Spreads Near 10+ Year Lows
  • Oil Extends on Breakout
  • Gold and Silver Form Short-term Consolidations
  • TLT Surges above April-May Highs
  • Dollar Stalls Near January Lows

ETF Highlights

  • XLI, XLF and XLB Cause the Grind
  • XLU Goes for Short-term Breakout
  • XLRE Remains Very Extended (RSI>80)
  • XLV and IHI Get Strong Oversold Bounces
  • Tech Uptrend Group: QQQ, XLK, SOXX, IPAY
  • Tech Consolidation Group: CIBR, IGV, FDN
  • Triangle/Wedge Breakouts Galore in Tech Land
  • XRT with Ascending Triangle
  • ITB Forms Falling Wedge to 50% Retracement
  • KRE and JETS Struggle with Breakouts
  • IBB Breaks Out of Long-term Bullish Pattern
  • Energy ETFs Hold Strong
  • Copper Complex with Short-term Flags/Wedges
  • Korea and Columbia Go for Breakouts
  • High and Tight Flag for IEMG

Thanks for tuning in and have a great weekend!

-Arthur Hill, CMT
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