Saturday Chart Fest

I’m back at my desk! A few observations: there are a ton of lower highs, not just in tech land, but everywhere. Some of the commodities are oversold like LIT and URA but they are ugly charts. Non-tech stuff aren’t exactly burning up the tape though. Many just languish with only IYR making a new high.

The market has been sloppy for two months now. It doesn’t look to me like that is going to change.

Dow.

Transports. Nice rally this week but now at resistance.

Utes. Been a fan but have now moved to sidelines.

SPX. Lower high but no lower low yet.

Naz. Lower highs. Yes, plural because there are two of them. Now lower low yet.

IWM. Has held up well but has also gone nowhere. Got over 300 and could do no more.

SOX. The one you’ve been waiting for! Seems to me that 12k is important. If it can’t get over it then no bueno.

Bank Index. Been the champ but Citi has been terrible and it was the first to bottom in May.

QQQ. Same as Nasdaq so 700 is the level of short term resistance. At least Friday’s volume picked up to 50k.

QQQJ. Call it an equal high not a lower high.

IGV

XLI. Has held up okay but if it gaps under 175 it will leave an island behind. CAT is the big deal here so it’s the one to watch. If it gaps down we’ll have a CAT in the hat.

XLE. Been great but OIH is lagging on this rally.

OIH. Can barely get off the mat.

XME. Broke support. Can it recapture 100?

LIT. More like in the dark. Amirite?

URA. Can it get back over 40 in an oversold rally?

ITB. 95-96 seems important.

IYR. Been awesome. Don’t love the reversal on Friday though.

XLB.

XLP. Not terrible, just that it’s a trudge.

XLV. First lower high.

XBI. Been a champ.

MOO. Sure it’s good that it crossed the downtrend line but more impressive is the recapturing of the blue line so readily.

VGK

KWEB. Everyone loves it now.

INDA

Nikkei. New one just because the chatter is picking up after Friday’s whack. Would a rally give us the RS of a h/s top?

GLD

McClellan Summation Index. Flat. But also a lower high.

DXY.

Bondaleros. Yield on the 10 yr. Should have fallen more on those inflation prints this week. So I’ll be on the lookout for being wrong (Been in camp that rates don’t go up much more).

Insiders. That spike in selling showed up 3 weeks ago. No one cared. Now that tech has come down, FinTV is chattering about it. I guess price does change sentiment.

Citi Panic/Euphoria. No panic here.