It’s never easy to dream up content on weekends, and it’s 50% harder on long weekends. I pulled ten ETF charts that were kind of interesting, and instead of breaking them up into, say, three or four separate posts, I’m just going to do this one big post and leave it up all day. I’ve got a few things to say about each ETF chart.
1. S&P 500 SPY ETF
The first one, and by far the most dull, is the good ol’ S&P 500 "spyder.” You may remember my suggestion that placing a butter knife on the screen will hide every pixel. Well, it’s still true. I think Jerome Powell has the chart of this thing mapped out for years to come.
2. Emerging Markets ETF
Not so with emerging markets—iShares MSCI Emerging Markets ETF (NYSE:EEM) however. They peaked near the start of this year, and they’ve been grinding their way lower for months. Don’t let recent strength fool you: this thing is in a downtrend.
3. iShares MSCI Brazil ETF
A particular weak overseas market is Brazil via iShares MSCI Brazil ETF (NYSE:EWZ), which I’m pleased to see has completed its right-triangle pattern and respected the base of that triangle, even in the midst of last week’s rally.
4. SPDR® Gold Shares ETF
After briefly being a precious metals zealot, I turned in my gold badge this summer and have flopped totally to crypto. I still look at precious metals however. Gold via SPDR® Gold Shares (NYSE:GLD) has probably exhausted its rally, but we’ll know on Tuesday, because it is at a very important resistance level as of Friday’s close.
5. iShares Silver Trust ETF
Its comparison, silver via iShares Silver Trust (NYSE:SLV), is in the same situation: lots of overhead supply, and recent strength has accomplished nothing except to bring the prices back to an important resistance level.
6. VanEck Vectors Junior Gold Miner ETF
Thus, naturally, the precious metals minors via VanEck Vectors Junior Gold Miners ETF (NYSE:GDXJ) are in precisely the same boat.
7. iShares 20+ Year Treasury Bond ETF
After the jobs report came out on Friday, bonds, via iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT), did an interesting thing: they broke their uptrend. It wasn’t anything dramatic, but there’s no doubt about it: the ascending channel in place since early May was broken.
8. SPDR® S&P Bank ETF
In spite of this apparent “all clear” for interest rates to head higher, the banks didn’t react as you might expect. The regional banks, by way of SPDR® S&P Bank ETF (NYSE:KBE), were looking awfully similar to how they looked before COVID took them out (see saucer top in pink).
9. Invesco DB Commodity Index Tracking Fund
As for Invesco DB Commodity Index Tracking Fund (NYSE:DBC), where I’m especially bearish, we’ve had a big rally the last two to three weeks, but the downtrend is still intact over a multi-month period.
10. Energy Select Sector SPDR® Fund
This is relevant to oil and, most specifically, XLE, which is far and away my largest options position (Oct.15 2021 put options). I expanded my position substantially during Thursday and Friday’s strength.
