Let’s review where exchange traded funds are right now. We start with the Dow Industrials, which is still bullishly configured. The uptrend from March 30 remains intact.
The emerging markets got totally walloped. Strong resistance has been established at the price gap (that is, the low from Thursday).
The EFA got hit hard too, although not nearly as severely in percentage terms.
China has been in a virtual free-fall since the Trump/Xi summit. I guess it did absolutely zero good, eh?
Precious metals continue to crumble. Gold, silver, palladium, platinum, and the miners are all falling to pieces, and it looks like gold is ready to slip under its right triangle.
The small caps fell hard on Friday, and the plunge was substantial enough to finally crack the uptrend (by a little).
Tech stocks were obviously hit especially hard and are poised for a strong (and completely misleading) bounce.
The S&P 500 slipped under its uptrend earlier in the week, so there was actually a ton of time to get in position for the Friday plummet.
The jobs report did the required magic to finally weaken bonds, although the drop was less than a percentage point, since, let’s face it, bonds aren’t particularly dynamic.
The “other” tech ETF, XLK, is obviously quite similar in behavior to QQQ.
Finally, the retail fund is hammering out what could be a very significant long-term reversal pattern.
