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US Technical Charts Potpourri
June 26 2017 ( From TradingView, CNN Money )
June 26 2017 ( From TradingView, CNN Money )
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The SP500 Index tiny consolidation past 2 weeks is in fact hiding a huge
sector rotation that is under way; technology sector weakness being replace
by a strong health care and industrial sectors.
Some Weekly Technical Charts and Short Comments on US financial products:
1) SPY ETF (SPDR S&P 500 ETF) Still above the previous Weekly Break Out
Trendline that is critical for Bulls. Still Into a Weekly Downtrend Channel.
Spinning Top Tech pattern 3 weeks ago. (See first chart below - Channel + Blue trendline)
2) VTI ETF (Vanguard Total Stock Market ETF) comprised of 3575 US Stocks
(Total Market Index) is now below the previous Weekly breakout Trendline
from April 2016; Bulls need stay above. (See second chart below - Top Grey Trendline).
3) QQQ ETF (NASDAQ - 100 Index) Into Weekly Uptrend Channel. Rejection
3 weeks ago of the Weekly Resistance of an Uptrend Channel was a warning.
(See third chart below - Channel). Weekly Bearish Engulfing Pattern 3 weeks ago.
4) Apple Shares (AAPL) broke 3 weeks ago the previous Weekly Breakout
Trendline. (See fourth chart below - Right - Red Trendline) Becomes Major
Resistance Trendline that Bears need to protect at all costs. Broke the
Support 2 weks ago of a Weekly Trendline that was critical for Bulls (yellow).
5) DXY Index (US Dollar Index) broke 8 weeks ago the Support Trendline (See fifth chart below - Blue Trendline) and broke 6 weeks ago the Weekly Falling Wedge Support (Red Trendlines). Still into a Weekly Downtrend Channel.
6) TLT ETF (iShares 20+ Year Treasury Bond ETF) still testing a Weekly Rising Wedge Resistance.
(See sixth chart below - Yellow Trendlines) Closed over the 52 WMA (Weekly Moving Avg-green line) last broken in Nov 2016.
7) VIX Index (SP500 Volatility-CBOE) strong weekly compression within a Falling Wedge that started since August 2015 (See seventh chart below - Grey).
8) Copper Futures (HG2-COMEX) broke 4 weeks ago a Weekly Resistance Trendline of a Downtrend Channel. Now into a Weekly Uptrend Channel. (See eight chart below-Channel)
9) Light Crude Oil Futures (CL2-NYMEX) Since breaking the Old Weekly Rising Wedge Support Pattern three weeks ago, into a Weekly Downtrend Channel. (See ninth chart below - Grey Trendline).
Weekly gains from Health Care and Industrial Sectors was not enough to reach a new closing high on SPY ETF as the correction in Technology stocks was quite acute (Weekly Bearish Engulfing Pattern 3 weeks ago).
sector rotation that is under way; technology sector weakness being replace
by a strong health care and industrial sectors.
Some Weekly Technical Charts and Short Comments on US financial products:
1) SPY ETF (SPDR S&P 500 ETF) Still above the previous Weekly Break Out
Trendline that is critical for Bulls. Still Into a Weekly Downtrend Channel.
Spinning Top Tech pattern 3 weeks ago. (See first chart below - Channel + Blue trendline)
2) VTI ETF (Vanguard Total Stock Market ETF) comprised of 3575 US Stocks
(Total Market Index) is now below the previous Weekly breakout Trendline
from April 2016; Bulls need stay above. (See second chart below - Top Grey Trendline).
3) QQQ ETF (NASDAQ - 100 Index) Into Weekly Uptrend Channel. Rejection
3 weeks ago of the Weekly Resistance of an Uptrend Channel was a warning.
(See third chart below - Channel). Weekly Bearish Engulfing Pattern 3 weeks ago.
4) Apple Shares (AAPL) broke 3 weeks ago the previous Weekly Breakout
Trendline. (See fourth chart below - Right - Red Trendline) Becomes Major
Resistance Trendline that Bears need to protect at all costs. Broke the
Support 2 weks ago of a Weekly Trendline that was critical for Bulls (yellow).
5) DXY Index (US Dollar Index) broke 8 weeks ago the Support Trendline (See fifth chart below - Blue Trendline) and broke 6 weeks ago the Weekly Falling Wedge Support (Red Trendlines). Still into a Weekly Downtrend Channel.
6) TLT ETF (iShares 20+ Year Treasury Bond ETF) still testing a Weekly Rising Wedge Resistance.
(See sixth chart below - Yellow Trendlines) Closed over the 52 WMA (Weekly Moving Avg-green line) last broken in Nov 2016.
7) VIX Index (SP500 Volatility-CBOE) strong weekly compression within a Falling Wedge that started since August 2015 (See seventh chart below - Grey).
8) Copper Futures (HG2-COMEX) broke 4 weeks ago a Weekly Resistance Trendline of a Downtrend Channel. Now into a Weekly Uptrend Channel. (See eight chart below-Channel)
9) Light Crude Oil Futures (CL2-NYMEX) Since breaking the Old Weekly Rising Wedge Support Pattern three weeks ago, into a Weekly Downtrend Channel. (See ninth chart below - Grey Trendline).
Weekly gains from Health Care and Industrial Sectors was not enough to reach a new closing high on SPY ETF as the correction in Technology stocks was quite acute (Weekly Bearish Engulfing Pattern 3 weeks ago).
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"To fight and conquer in all your battles is not supreme excellence; supreme excellence consists in breaking the enemy's resistance without fighting."
-Sun Tzu, the Art of War
-Sun Tzu, the Art of War
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