Well, another morning, another series of record highs. It will certainly be nice in a few weeks when earnings season kicks in, so that we’ve got something—anything!!—to make this market move in more than just one direction. For now, though, we’ll just tough it out. I’ve put some major funds below with a remark or two in the caption area:
Emerging markets still have a decent head and shoulders pattern, but a push above that horizontal would pretty much wreck it for good. That may well happen at the opening bell.
The MSCI Europe is still bullishly configured, and it will require a failure of that supporting trendline in pink to break this uptrend.
Gold's bounce on Thursday was no surprise; it was little different than the dozens of other times over the past eight months there has been a brief bounce, only to be followed by lower prices
The small caps have basically had no net gain for months and remain range-bound
Tech stocks have been getting some relief, but the range defined by those horizontals is key in determining direction for the next month
The semiconductors are virtually a carbon copy of the NASDAQ 100 pattern, although its movements are more pronounced
Oil continues to look bearish, with its H&S pattern about 85% complete
In turn, the energy stocks are at the cusp of an important price failure
The financials, aided by soaring interest rates, are sky-high relative to the long-term trend