Wow, Monday was so annoying! Just when all holy hell was breaking loose, it reversed and closed at the day’s highs. The permabull site Zerohedge celebrated the event, saying it was because of the (should be illegal) buybacks coming. Typical ZH. Always looking for another new high.
Let’s spend the evening going through ten important ETFs. I’ll just share a few words on each.
The diamonds are at a decision point. The massive bullish pattern (green) is being challenged by a topping pattern (formed over the past couple of months). If we do fall, I’d look toward that trendline for main support.
Emerging markets are nearing their resistance trendline.
Worldwide equities (sans North America) are still within the confines of a wedge, although we are approaching the price gap of a minor reversal top.
The miners might be revving up for a nice jolt higher. I’m surprised how robust miners have been, since gold really isn’t doing much of anything lately.
The small caps might have more upside, but they are going to be strongly hemmed in by the Fibonacci and price gap, which are virtually at the same price point.
Many charts I am looking at are sporting two important patterns over the past half year – – for most of the period, they were in a wedge or channel (which has been broken), and in recent weeks, they have formed a topping pattern which broke down two weeks ago, retraced last week, and is almost exactly at the decision point right now. This goes for the S&P 100……
……..the NASDAQ 100……..
……..Semiconductors……..
……..and the S&P 500:
Lastly, the retail ETF is an interesting creature, because it had been rangebound for literally years until it blasted above its range in early 2024. However, we have slipped back beneath that range, which compelled me to go long June 21 puts on the XRT with the price gap as my stop-loss.
