Image Source: Pixabay

As I said before (here and here): This is not a normal holiday weekend. Supposedly, when we return to the trading world Tuesday, there will be some resolution (or more chaos) regarding the debt ceiling. In the meanwhile, I have gathered together different families of ETFs for review, and I have stated my remarks in the caption area below each.

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The small caps IWM have been grinding away for a full year in a relatively tight range. There is a head & shoulders pattern in the midst of all that grinding, but it has not broken its neckline.

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The Mid-Caps MDY are sporting almost exactly the same pattern as the IWM.

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The S&P 100 fund OEF, less-known and popular than the SPY, has matched its value from last mid-August. Watch for a break above this pattern, which would provide more fuel for the bulls.

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The S&P 500 fund has reached its highest level since the August 19th price gap, and if the news over the weekend is interpreted bullishly, we could finally rally off this base. If we simply slump away from the gap again, it could spell big trouble for the bulls.

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This industrial fund XLI has a well-formed diamond pattern and is set up for a path down to that blue trendline, which would provide ample support.

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