Emotions can change rapidly. On Wednesday morning, I was actually pretty excited about what was going to happen after the FOMC. By the end of the day, I was starting to feel some anxiety again. Thus, I thought it would be a good exercise to take a stroll through all 39 of my ETF charts and get my bears.
Below are what I consider the twelve most informative of those charts. The first three are available to everyone, and the other nine are only visible to Slope’s premium members (which you can become instantly by clicking here). I hope you find these reflections as helpful as I did when I made them. (As always, clicking on any image makes it big).
We began with the emerging markets, which I think is rather bullishly-configured. It has been tracking along this channel for virtually the entire year, and the ‘hammer” candle it made today seems to suggest a bounce is at hand.
I remain bearish on Mexico, but this bearishness is tempered by two things. First of all, the topping pattern is a little bit sloppy, inasmuch as last week’s strength pushed somewhat into the topping pattern (thus, the horizontal line isn’t as squeaky-clean as I like).
The small caps are at a fascinating juncture. If the lower line holds, they could rally, as they did last week, to just under that higher trendline. A failure of the supporting line, however, would usher in a substantial drop (and a substantial lift in the spirits of your humble host).
OK, now on to the nine other charts for premium members…………