S&P 500 (SPY), Small-Caps (IWM) & Dow Jones Industrial Average (DIA) trade near all-time highs | NASDAQ-100 (QQQ), Technology (XLK), Semiconductors (SMH) are helped by Taiwan Semiconductor (TSM) | Taiwan ETF (EW) hits all-time highs | Consumer Discretionary (XLY) also at fresh all-time highs, but breadth lags somewhat | Financials (XLF) weaken as bonds bounce | Consumer Staples (XLP) and Health Care (XLV) at all-time highs as defensive posture becomes more apparent | Real Estate (IYR) and Utilities (XLU) also gain on the heels of a bounce in bonds
Bonds of all sorts (TLT, LQD, JNK) have a surprise bounce despite an increase in the Federal Funds Rate Surprisingly, US Dollar also falls against most major currencies, but the long-term trend is still up Gold and gold miners gain for the week | Short-term market breadth improves for gold miners, but long-term will likely weaken next week Oil attempts to recover last week’s losses | Energy (XLE) has a feeble bounce Natural gas may still retest the 2016 breakout Many of the charts mentioned in this vide are located on our public charts page here: stockcharts.com/public/1229503 |
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July 2024
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