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Last week was very important to U.S. equity charts, and I have selected from my ETF watch list a collection of seven in particular whose patterns merit close watching next week.
The first is emerging markets, which have completed a small but well-defined reversal pattern. Take note how prices have broken the year-long channel and that a move below the horizontal line will complete the pattern.
I bought a large block of April $52 puts on XLE based on the price gap fill this morning (this is the energy sector):
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Part of Jim Greco’s meme tweet mocking haters of Cathie Wood, portfolio manager of the Ark Innovation ETF (ARKK).
(more…)I suggest keeping a close eye on the emerging markets via symbol EEM, which has been following a clean channel for twelve months now. We’ve come all the way down to channel support, which is a true “make or break” (or, more accurately, bounce or break) moment.
As much as interest-sensitive ETFs have been plunging, it’s been anyone’s guess when they would bounce. Well, our little trendline friend on LQD did a pitch-perfect job (green arrow). I think that it suggests is that any rally will meet resistance at where I’ve put the red arrow.
