July ETF Review: Tech Stocks Continue to Run Hot, Bonds Look Ready to Fall
Tim Knight | Aug 01, 2023 01:55AM ET
Let’s do a monthly price bars review, shall we? I’ll focus on ETFs, with remarks in the caption of each.
Invesco DB Commodity Index Tracking Fund (NYSE:DBC) had its biggest surge in a long while, led by oil
The SPDR® Dow Jones Industrial Average ETF Trust (NYSE:DIA) “diamonds” is threatening to break to lifetime highs and also achieved its highest monthly close in the history of the universe.
Precious metals miners, represented here by the VanEck Junior Gold Miners ETF (NYSE:GDXJ), broke their supporting trendline.
iShares Russell 2000 ETF (NYSE:IWM) are dangerously close to an important breakout from this saucer.
The iShares Transportation Average ETF (NYSE:IYT) exploded in July and is very close to breaking into new highs.
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Banks had their biggest surge since 2021, but they are at crucial resistance. (SPDR® S&P Bank ETF (NYSE:KBE))
Tech stocks (Invesco QQQ Trust (NASDAQ:QQQ)) have had an obscene run since last October.
The VanEck Semiconductor ETF (NASDAQ:SMH) reached a new lifetime high, led by Nvidia (NASDAQ:NVDA).
Over the past ten months, SPY's eight monthly candles have been green, and we’re essentially at the highest level in history
Bonds are looking ready for another leg down (which I think would hurt stocks). iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT)
Finally, the S&P 100 has had 8 of the past 10 months close with green candles and is quite close to its own lifetime high.
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