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 small caps have been grinding away for a full year in a relatively tight range. There is a head & shoulders pattern in the midst of all that grinding, but it has not broken its neckline.The Mid-Caps are sporting almost exactly the same pattern as the IWM.The S&P 100 fund, less-known and popular than the SPY, has matched its value from last mid-August. Watch for a break above this pattern, which would provide more fuel for the bulls.The S&P 500 fund has reached its highest level since the August 19th price gap, and if the news over the weekend is interpreted bullishly, we could finally rally off this base. If we simply slump away from the gap again, it could spell big trouble for the bulls.This industrial fund has a well-formed diamond pattern and is set up for a path down to that blue trendline, which would provide ample support.
