Inner Meaty It

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Most of this week has been like watching paint dry. Sure, there’s movement, but markets feel very “pinned” during the normal session. If we take a step back, however, there are two elements which I believe deserve attention: (1) the price gap still intact from last week; (2) the failure, in most cases, of the intermediate-term trendline from March 23rd. Here are some ETF examples:

slopechart DIA
DIA Dow 30 “Diamonds”
slopechart IYR
IYR Real Estate Fund (the only one of these five whose trendline is unbroken)
slopechart JNK
JNK High-Yield Bonds
slopechart OEF
OEF S&P 100
slopechart SPY
SPY S&P 500