Today is another Jerome day, so let’s take a look at some important ETFs.
We begin with the all-crucial SPY, the grandaddy of them all. It has been hugging the underside of its broken trendline lately. It’ll be interested to see if, post-FOMC, it tumbles away or cuts above it, since it has produced such persistent resistance.
Similarly, the rest of the world, represented by EFA, is clinging to its own broken trendline. There are many stocks and funds which are exhibiting this kind of behavior in which prices are clinging as if they were iron filings attracted to a magnet.
I’d like to point out particularly Mexico, which for the first time since the Covid bottom broken its ascending trendline.
