Green, Red, and Yellow

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Does the market seem dull to you? It’s not your imagination. Just take a look at the volume of the SPY. We have gone from an organic, price-discovering market to one which just goes up half a percent, day after day, based on “trade talk optimism”. Apparently volume isn’t necessary:

volumedown

Using the spiffy new version of SlopeCharts (check out the redesign), I pulled down a bunch of ETFs. They are below (click on any for a bigger version) and I’ve caption each of them with a few words. They are each marked as Green (bullish), Red (bearish), or Yellow (unclear).

slopechart DIA
Green: it has pushed above its neckline. It’s up to Friday’s job report at this point.
slopechart EWG
Red: Germany is coming up against important resistance, but if it clears that first horizontal, the next target (the higher horizontal) is more formidable.
slopechart FXI
Green: China has completed a cup with handle pattern
slopechart GDX
Green: Precious metals miners have formed a powerful base
slopechart HDGE
Yellow: I’m really just showing this for the hell of it; this is the fund that shorts stocks, and it has reached a lifetime low (understandably).
slopechart ITB
Red: Home construction is mashed up against two importance resistance lines
slopechart IWM
Yellow: small caps have been lagging the large caps; the red line is key resistance
slopechart IYT
Yellow: Transports have been weaker than industrials; the price gap is still intact
slopechart KBE
Red: as long as the “lower lows” stay intact
slopechart QQQ
Yellow: that trendline represents important resistance, and earnings season is coming
slopechart SMH
Green: semiconductors seem unstoppable these days
slopechart SPY
Yellow: A terribly messy pattern; lifetime highs are closed, but this does not look poised to vault much higher than it already has
slopechart TLT
Green: We have successfully tested the breakout so far; just need to stay above red line
slopechart USO
Yellow: Encountering weakness recently; a break of the ascending trendline, and more important, a break of the grey horizontal beneath would send this much lower
slopechart XHB
Red: Homebuilders have pushed up to major resistance
slopechart XLE
Red: Energy companies seem very prone to downturn, and any weakness in crude oil will be exhibited more strongly with the oil companies themselves
slopechart XLF
Yellow: we are range-bound; long-term direction is at the mercy of which of those horizontals gets broken
slopechart XME
Red: Long-term pattern still down, in spite of recent strength