Shake It Up

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Wednesday was supposed to be a rock ’em, sock ’em big day on the markets, but once all the dust settled, the Dow Industrials closed up six – – count ’em – – six points. That’s only six points larger than it changes on a Saturday.

In any case, let’s stroll through some ETFs. As always, click on any image for a much bigger version. I’ve tried to order and group these in a sensible fashion, and instead of interspersing paragraph text, I’m captioning each chart.

The commodities markets have been strong; I’ve drawn a resistance lined, but frankly it’ll probably get taken out with the continuing strength in crude oil.
Oil has been up almost daily since Christmas. There’s very little standing in its way. Please note an OPEC meeting is going to close out this week.
Home construction recently cut above its resistance (now support), so this could gain strength from present price levels.
The Dow has a failed bullish breakout, although the long-promised trade deal could right this ship; for the moment, there’s been no follow-through to the breakout.
The Transports remain historically weaker than the Industrials and have yet to push past the price gap (noted with the horizontal line)
Small caps are much farther away from lifetime highs than, for example, the S&P 500, but they were much stronger on Wednesday than most other indexes
The bank sector remains weak, with a consistent series of lower highs
The S&P 500 is quite close to lifetime highs
Emerging markets have completed a larger bullish base and could be in “launch” mode if they get past their horizontal (which is basically exactly where the price is now)
Outside of North America, equities are up against substantial resistance
The same holds true here, with the bearish and bullish patterns in a stand-off
China has a cup-with-handle pattern (bullish)
Gold looks prone to weakness, although I don’t think it has far to fall
Miners are just beneath their price gap and prone to slippage of about a dollar
Finally, junior miners are sporting the same price gap and are at risk of a modest sell-off.
Hopefully the start of earnings season next week will shake things up.
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