ETF Review: Materials Sector Approaches Major Resistance
Tim Knight | Apr 03, 2019 12:44AM ET
I put together a list of ETFs, but out of the clear blue sky some kind of rumors about the deal terms of the long-awaited China/US agreement are flying around and equities are zipping northward again.
I see double-digit gains on ES and NQ, and I’d be flabbergasted not to wake up to the same. But since I went to the trouble of gathering up these ETFs, I might as well share them and say a few words on each.
This China news could send the diamonds ripping right over that horizontal.
Emerging Markets haven’t hit resistance yet (the grey line above the price bars).
The bold (or crazy) might consider the triple-bearish on energy fund.
NYSE:Mexico looks vulnerable to a downside reversal.
Rising interest rates should cause home construction to weaken.
Small caps look more vulnerable than larger cap indexes.
Dow Transports mashed up against Bollinger Band®; more prone to weakness than Industrials.
Bank indexes have been on a tear lately; nearing exhaustion.
Materials sector very close to major resistance; crossing above very bullish.
Energy has risen to the point where it’s shortable again.
A cross above the horizontal would be extremely bullish for the market overall.
This is the third major attempt for energy to cross its horizontal; watch Wednesday closely.
Retail one of the most vulnerable sectors; ultimately looking for a break below horizontal beneath present price levels.
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