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Unease and geopolitical tension weigh on stocks as a normal correction continues |
Minor bearish divergence in the Advance-Decline lines call for at least sideways, to possibly down trading for the near-term | Long-term stocks are firmly bullish and this pullback should be used to open new long positions | QQQ coming down to Earth after hitting fresh highs last week – it is the strongest of the major ETFs | IWM chops sideways for the 4th month | Financials (XLF) look vulnerable as they retests January lows | Industrials (XLI) may be the leaders on the next swing higher | Risk-off posture shows up in Utilities and its Advance-Decline line | Junk bonds (high-yield) confirm the long-term bullish posture Investment-grade bonds break to new highs for 2017 | LQD closes the gap down | Treasuries (TLT) well on its way to close the gap US Dollar down for the week, but long-term bullish | Japanese Yen continues to gain on safe-haven buying | Euro attempting to find support following two weeks of selling Gold has a big week and its market breadth improves significantly | GDX overbought after a 17% move off March lows | Major resistance for GDX just ahead at 25.86 Oil continues higher, but seems to be running into strong resistance | Natural gas trades sideways Charts mentioned in this post are located here: stockcharts.com/public/1229503 |
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