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I look at fifty-seven ETF charts every weekday, but here are the eight I think are most worth noting right now.
First up is the one for the Dow Industrials, which was effectively unchanged on Friday (in sharp contrast to everything else, which raged to lifetime highs). Key resistance right now is at Thursday’s high.
Gold peaked a full three months ago, and it has been trying to find its way ever since. My disposition is that it is about to weaken again more persistently.
Wow. Red quotes. Haven’t seen those in a while.
Anyway, the emerging markets fund EEM looks like another beautiful gap play. I just added this as my 21st position with a stop-loss at 63.40:
Too many of the ETFs right now can only conjure up the reaction, “Wow, that’s just nuts. I wonder if it’ll ever stop going up, or what?” That’s a silly waste of time, so what I’d like to do instead is focus on the charts which, even given recent circumstances, still presenting exciting and intriguing risk/reward ratios.
First up is EFA, which I am short. There are three exceptionally cool things about this chart. First, Friday’s action formed a beautiful shooting star reversal pattern. Second, the price peak on Friday was precisely below the broken trendline. Third, the price peak also came deliciously close to an important price gap. This is just a dynamite combination.
