ETFs Pointing Lower
Image Source: Pixabay
With just hours until election day, let’s look at five ETFs which seem to suggest lower equity prices ahead. The first one is the Dow 30 “diamonds”, which has completed a top (in pink).
Here is Brazil, which bounced higher today on the heels of a big tumble Friday, but is still beautifully positioned to complete a massive head & shoulders top.
The tech-heavy Nasdaq ETF has broken an important trendline and has created a price gap (dashed line) which represents very important resistance.
On a more specific scale, the semiconductor ETF has likewise created a new gap (dashed red line) and has little in the way of support between present price levels and that horizontal green line.
Lastly, the S&P 500 ETF gapped down Friday below its now-broken support line. It is precariously perched on a massively-important midline of a channel that spans a full fifteen years. Break it, and we can expect selling to really kick in.
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I tilt to the bearish side. Slope of Hope is not, and has never been, a provider of investment advice. So I take absolutely no responsibility for the losses – – or any credit ...
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