Below are nine updated ETF charts and a few words about each in the caption.
Had a breakout on Wednesday, and at lifetime highs. Bullishly configured, and it needs to break below the short-term horizontal I’ve drawn to give the bears even a tiny chance.China looks ready to reverse, as I described in a dedicated post earlier on Thursday.Oil producers continue to hammer out what could be a massive to, although it’s annoyingly robust.Gold has been stalled out since April. It has pooped out on four different occasions below that horizontal. If it clears it, that’ll finish a triangle pattern that should easily push it to new highs.The small caps don’t have a clean pattern right now, and the horizontal drawn anchored to Wednesday’s high isn’t technically meaningful. It would take a full drop into the green zone to demonstrate a completely failed bullish breakout.Semiconductors, Nvidia specifically, continue to hold up the entire market. A failure beneath the dashed line is a must-have for the bears not to be absolutely doomed to failure.Tech stocks are reaching lifetime highs every single weekday. There is nothing bearish about this chart at all.Bonds continue to grind away within a large reversal pattern that has been building for literally years. Next Wednesday is the FOMC, so maybe we can resolve by then (but don’t count on it; the pattern is just way too massive to wrap up that swiftly).The metals miners reached a lifetime high on Wednesday and burned off some recent gains Thursday. Here again, it would take a slip under the dashed horizontal to provide the bears even a sliver of hope.
