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Further to my last weekly market update, this week's update will look, firstly, at the six Major Indices and nine Major Sectors, as shown on the two Daily line chartgrids below, then two Daily SPX:VIX and RUT:RVX ratio charts, and, finally, Major World Indices, Commodities, and Currencies, as shown on the subsequent Daily chartgrids.
XLF, the Financials ETF, is currently trading in a "triangle within a triangle," as shown on the Daily chart below. I'll be watching to see if price pushes and holds above the smaller one. Apex support is at 14.74ish and Apex resistance is at 15.20ish. Also, a bearish "Death Cross" formation has been narrowly averted, so far.
Strengthening Financials are important to any further advance on the S&P 500 Index, in my opinion, and this ETF is one to watch over the next days/weeks, particularly since it is still trading in the October 2008 lows and has never recovered to the 2007 high of 38.15.
The Russell 2000 Index is in demand, so far, today, as shown on the one-day comparison chart below with its fellow Major Indices.
The RUT:RVX (Russell 2000 Volatility Index) Daily ratio chart below shows that the Russell closed above its downtrend resistance line yesterday and has advanced further, so far, today. The question is, can it hold onto its gains by the close today, and thereafter?
Further to my last weekly market update, this week's update will look at the six Major Indices and nine Major Sectors in a very simplistic Year-to-Date line format, as shown on the two chartgrids below.
I like to look at this type of format when I get confusing signals from short-term, day-to-day choppy, whippy, and volatile price action in tight ranges. My conclusions will be based on the daily closes, rather than on candle highs, lows, and closes.
Each candle on the charts below on the Dow 30, Dow Utilities, Dow Transports, S&P 500, Nasdaq 100, and Russell 2000 Indices represents three days. The current candle closed today (Thursday).
Each index is in a tightly-bound upward-sloping range, except for the Transports and Russell, whose range is sloping down. The current candle is a either a “Dark Cloud Cover”, or a “Bearish Harami,” which can signal a future bearish trend…the candle on the Russell is, simply, bearish…ones to watch for possible further weakness.
