Last week was a doozy: Monday and Tuesday sucked out loud, and Wednesday and Thursday more than made up for their suckitude. Let’s look at ten ETFs.
The DIA is the odd man out. It hit a lifetime high. Mercifully, my concentration was in tech shorts.
The emerging markets continue to reside safely inside the ascending price channel.
I shorted the EFA on Thursday with a stop just above the day’s high. We have hammered out a (very slightly) lower high on this.
The precious metals miners are in a right triangle pattern and should fall hard next week.
The small caps were at lifetime highs but simultaneously had a bearish engulfing pattern for the day. Break below this wedge, and it’s party time.
I believe tech stocks have, thank God, well and truly peaked.
This is also illustrated by the semiconductor sector, which were so strong they pushed above its channel for a few weeks, but is now sinking within the confines of the channel.
The S&P ETF has a beautiful diamond pattern. Let’s just hope when it exits the diamond, it is to the downside.
Tech stocks came terrifyingly close to violating the price gap on Tuesday, but instead we got a perfect reversal.
Finally, the mining ETF has an enormous failed bullish breakout, and I suspect this will continue to grind lower for weeks to come.
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