Well, another morning, another series of record highs. It will certainly be nice in a few weeks when earnings season kicks in, so that we’ve got something – anything!! – – to make this market move in more than just one direction. For now, though, we’ll just tough it out. I’ve put some major funds below with a remark or two in the caption area:
Emerging markets still have a decent head and shoulders pattern, but a push above that horizontal would pretty much wreck it for good. That may well happen at the opening bell.The MSCI Europe Fund is still bullishly configured, and it will require a failure of that supporting trendline in pink to break this uptrend.Gold’s bounce on Thursday was no surprise; it was little different than the dozens of other times over the past eight months there has been a brief bounce, only to be followed by lower pricesThe small caps have basically had no net gain for months and remain range-boundTech stocks have been getting some relief, but the range defined by those horizontals is key in determining direction for the next monthThe semiconductor are virtually a carbon copy of the NASDAQ 100 pattern, although its movements are more pronouncedOil continues to look bearish, with its H&S pattern about 85% completeIn turn, the energy stocks are at the cusp of an important price failureThe financials, aided by soaring interest rates, are sky-high relative to the long-term trend
