•SPY pulls back from all-time highs and falls short of triangle breakout. QQQ has a second Outside reversal in 4 weeks. Semiconductors still under pressure. Small caps buck the selling pressure and gain slightly for the week. Financials outperform the general market. XLY trades flat likely helped by the Retail sector. Transportation is helping the Industrials sector. Health care and Biotech pull back from all-time highs. Staples, Real Estate & Utilities underperform as bonds are sold.
•Junk bonds are signaling that bull market in stocks is not over. Stocks outperform bonds for the week as Treasuries and investment grade debt sold-off.
•Dollar breaks below November 2016 lows as Euro hits 52-week highs. This is bearish for the Dollar. British pound also gains, but not the Yen.
•Gold does not take advantage of weaker dollar and moves lower. GDX has an Inside week and could break either way. Downward break could be very bearish.
•Oil bounces for the week. This is likely a counter-trend move. Energy (XLE) barely moves to the upside not confirming the move in oil.
•Natural gas is likely done correcting before a swing higher
Charts mentioned in this video can be found here.
•Junk bonds are signaling that bull market in stocks is not over. Stocks outperform bonds for the week as Treasuries and investment grade debt sold-off.
•Dollar breaks below November 2016 lows as Euro hits 52-week highs. This is bearish for the Dollar. British pound also gains, but not the Yen.
•Gold does not take advantage of weaker dollar and moves lower. GDX has an Inside week and could break either way. Downward break could be very bearish.
•Oil bounces for the week. This is likely a counter-trend move. Energy (XLE) barely moves to the upside not confirming the move in oil.
•Natural gas is likely done correcting before a swing higher
Charts mentioned in this video can be found here.
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