Time to thumb through some more fund charts. Let’s begin! We start with the NASDAQ 100 which, like so many others, has two prominent features: (a) the failure of the sharp uptrend that begin at the end of March (b) the establishment of what I believe is the first “lower high” that will define a new downtrend.
The small caps have remained neatly confined within the ascending wedge pattern. A failure of this to the downside would be a major trend change.
The Bitcoin fund has hammered out a fantastic head and shoulders top. I am short this (and long BITI, as you may recall, just for the hell of it).
I am also short the gold miners thanks to what I perceive as a substantial right triangle top in gold itself. Major support is at the ascending trendline, which is at around $3400 or so for gold.
China has been in a bear market for almost twenty years (!!!!!!!!!) and its most recent lower high was achieved due to the absolutely pointless Xi/Trump sumit which yielded (checks notes) dick. Down she goes.
Even though emerging markets have been bursting to lifetime highs, the worldwide equities (sans North America) represented by EFA is looking much more vulnerable to a downturn. Errr, I’m short this too.
Oh, and speaking of emerging markets, here we have it. Lifetime highs, and I’m not going near this sucker.
