Preface to all ETF posts this weekend: This is not a normal holiday weekend. Supposedly, when we return to the trading world Tuesday, there will be some resolution (or more chaos) regarding the debt ceiling. In the meanwhile, I have gathered together different families of ETFs for review, and I have stated my remarks in the caption area below each.
I would also like to note that, as a special this holiday weekend, I am giving away my Joy of Charting book, which I will ship to you free of charge for signing up at ANY subscription level. Just drop me a line when you subscribe to tell me where to send it. As an added bonus, I’ll also provide a copy of my Solid State audiobook for your listening pleasure, free of charge!
The real estate fund is a vital element of the bear market. It has continued hammering down its series of lower lows and lower highs. Long-term, it needs to take out its low from last October to let the larger pattern fully express its downside potential.The Transports are about 80% done with what could be a well-formed H&S top, assuming it gets below its neckline.The banks, naturally, have had a terrible year, and this shows no sign of healing.With all the strength in tech, the communications sector (anchored by META) has finished a bullish inverted H&S pattern, which has the potential of zipping above its baseline and working toward the next major horizontal, which is the base of that top I’ve tinted in pink.The financial sector has been treading water for weeks; a break below the horizontal would be very bearish.Retail has been meandering within a huge range for literally years. It is at the lower bound of this range, although it is threatening to cut lower, since it is sporting the exact same H&S pattern found in many unrelated sectors.
