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Preface to all four parts: This weekend, I’ve taken some favorite exchange-traded funds (ETFs) and broken them into groups. I’ll share a few thoughts about each of these below, and as always, clicking on any chart will make it fill your screen, whatever size that may be.
We begin with the Dow Industrials, which has been following a descending channel and has been hammering out a fairly steady series of lower lows and lower highs. We’re at about the midline currently.
In my last post a week ago I was talking about the prospects on SPX for testing the weekly middle band, currently at 4312, on this rally, with particular reference to the very historically bullish two first days of June, which were the last two days. Unfortunately for the bulls, these were both wasted in a sideways consolidation, so reaching that target now looks more doubtful, and the odds of a break down before that target is reached have increased.
After so many stocks had lost 90% or more of their value, I figured that their bounce would accomplish pretty much one thing: fill a major gap. The poster child for this was Palantir, formerly based here in Palo Alto, which had plunged from about $45 to about $7 in a matter of months. It has bounced mightily, but it sealed its gap with just three PENNIES to spare. I’d say that’s good enough!