It should first be noted – – nay, emphasized – – that these charts and the words about them are being composed the day before the monthly CPI number is released. Although the CPI was absolutely meaningless for years and years, it has now become an even more important data point than the jobs report, since inflation data has an outsized influence on market strength or weakness. Thus, if you are reading this any time after the CPI of November 14th is released, the conclusions offered may be moot.

Having begun with that important disclaimer, I will say that the ten charts of the ETFs that follow bear an important common element: they have all moved powerfully up toward key resistance levels. In almost all these cases, the resistance is represented by a simple horizontal line (or, its equivalent, a Fibonacci level). Some prices are closer to resistance than others, but on the whole it can be said that (1) the more of these that fail to cross above these lines, the better chance bears have of seizing control of the market again; (2) the more of these lines are crossed to the upside, the higher the chance the bulls will simply continue running roughshod over the bears through at least the end of the year.