ETF Breakouts: Financial Stocks Pushed Above Their Resistance Line
Tim Knight | May 05, 2019 01:25AM ET
I’ve been doing this whole “charting” and “trading” thing a long time. I was there for the 1987 crash, as well as the bull market that led to it. I can remember the market’s response to the invasion of Kuwait like it was yesterday. The Internet Bubble. The crash of 2001. 9/11. The financial crisis. And on and on and on.
But I’ve never seen anything like what we’re seeing now. You’d think that, in the 11th year of this pre-fab bull market, some two-sided action might be creeping in, but, nope. This entire thing is starting to feel permanent. And it feels like the MMT lunatics are going to end.
Below are some major indexes and ETFs along with their breakouts:
Nasdaq Composite
NASDAQ Composite pushing to lifetime highs.
Russell 2000
Russell 2000 small caps finish large bullish base.
Get The News You Want
Semiconductor index
Semiconductor index doesn’t even need to pause for breath.
S&P Bank ETF
S&P bank ETF finished its bullish base.
Financial Stocks
Financial stocks finally got above their resistance line this week.
On a global scale, the bulls and bears are still duking out, as shown below – – Beyond Meat Inc (NASDAQ:BYND) notwithstanding:
QQQ
But from Christmas forward, it’s been nothing but a bull party. Just look at the ultra-short ETF on the NASDAQ, which has lost nearly half its value since the Christmas peak.
VIX
And the poor volatility index couldn’t even manage to stay in the teens. We’re back at a 12-handle, which is pretty much as low as we get these days.
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.