The next report will be on Thursday, April 17th
The weight of the evidence remains bearish. Stocks are in the midst of an oversold bounce, but we have yet to see follow through strong enough to trigger a bullish breadth thrust. SPY and QQQ are in long-term downtrends and near short-term resistance levels after their oversold bounces, which creates a precarious situation. In fact, several ETFs are hitting resistance levels after oversold bounces. Some ETFs are even showing relative strength, but this really means “less weakness”. Gold remains the ultimate safe-haven and Bitcoin has a bullish failure swing working.
See today’s Market Regime update [1] for long-term breadth charts.
See Tuesday’s report [2] for an update on the breadth thrusts.
Report/Video Headlines
- Bear Market since mid March (trend, breadth, spreads)
- Oversold Bounce, but no Breadth Thrust
- TLT Breaks Down, Yields Surge and Dollar Falls
- Gold Remains the Ultimate Safe-haven
- Gold Miners ETF Surges to New High
- SPY, QQQ and XLK Hit First Resistance Zones
- Aerospace & Defense ETF Recaptures 200-day
- Semiconductor ETF Hits First Resistance
- Leaders Rebound to First Resistance (XLF, XLC, CIBR, IHI, AMLP, IYZ)
- Relative Strength Means Less Weakness (XLP, XLU, KIE)
- Bitcoin Firms as Failure Swing Forms
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