With the Fed making its last announcement of 2017 tomorrow (and Yellen making her last press conference as a Fed member), it should be an interesting Wednesday. I thought I’d point out that bonds, by way of TLT, might be in the throes of a fairly large head and shoulders pattern. What’s required here is for TLT to stay beneath that green tinted zone I’ve drawn (and, ultimately, to break the lower horizontal line).
It appears that several international Financial ETFs have, generally, performed well over the past couple of years and are, either approaching major resistance, or have already reached it, when compared with their respective country’s Major Index on a ratio basis.
The first is the XLF:$SPX ratio, as shown on the 5-Year Daily ratio chart below.
Thank God for SlopeCharts. It gives me a creative, beneficial distraction from this New Highs Every Day No Matter The News market we’re in. It gets better, you benefit, and I don’t lose my mind. Everyone wins.
But I’ll take my hands off my eyeballs and look at a few ETFs and share a few words about them. First up is crude oil, which is probably going to have some excitement on Wednesday, between the inventory report (10:30 EST) and, much bigger, whatever rumblings come out of the OPEC meeting. As much as I’d love to see this crumble, the chart definitely looks more bullish than bearish.