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•Stocks set fresh highs on May 16th, but gap and run lower next day | More and more evidence points towards a correction | Breadth divergences present on many charts | QQQ is still the strongest of the major ETFs, but it is not immune from selling | Both QQQ and SPY are stalling at a yearly Resistance Pivot | IWM continues to chop around | Volume patterns for NYA are also suggesting a corrective pattern | Financials (XLF) retesting April lows and may not hold | XLF could be the leading indicator of a correction | Real Estate, Staples (XLP) and Utilities (XLU) have the strongest weekly gains and indicate a “flight to safety” scenario | Retail (XRT) very weak and could hit 52-week lows
•Junk bonds follow the stocks, but show more resilience to selling | Investment-grade corporate bonds and Treasuries have an excellent second week in a row reinforcing a risk-off posture •Dollar index breaks support and likely headed for a retest of November lows •Weakness in the Dollar is excellent news for precious metals | Gold has a Golden Cross | GDX consolidates gains | GDX has a bullish divergence •Getting ready to short oil as it surges higher •Natural gas chops sideways •Copper could retest 52-week highs Charts mentioned in this video are located here: stockcharts.com/public/1229503 |
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