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Preface to all four parts: This weekend, I’ve taken some favorite exchange-traded funds (ETFs) and broken them into groups. I’ll share a few thoughts about each of these below, and as always, clicking on any chart will make it fill your screen, whatever size that may be.
We begin with the Dow Industrials, which has been following a descending channel and has been hammering out a fairly steady series of lower lows and lower highs. We’re at about the midline currently.
The symbol EFA represents worldwide equities outside of North America. There is a blue trendline that dates all the way back to the financial crisis bottom, some thirteen infinitely long years ago, and yesterday we did a PERFECT touch of the underside of that now-broken line.
Well, folks, since the NASDAQ QQQ moved about one-tenth of a single percentage point, the amount of stuff there is to talk about isn’t much greater than it was on, let’s say, Sunday. Things barely moved at all today (grateful as I am that it was red across the board, albeit barely). So I’ll just share some key ETFs and a few thoughts on each.
Starting with the EFA (worldwide equities, except for North America) we see a picture-perfect gap fill and a price push precisely to the underside of a broken major trendline. This is super clean!
One of the most interesting things that has happened over the past eight trading days has been the explosive move higher by the high-yield funds which, until May 18th, had been getting absolutely brutalized. Their exhaustion and descent from these zones, should it transpire, will be an important signal that the counter-trend bounce has stopped.
