Black Friday Sale! Save huge on InvestingProGet up to 60% off

ETF Overview: SPY Approahes Lifetime Highs

Published 04/11/2019, 12:46 AM
Updated 07/09/2023, 06:31 AM
US500
-
DJI
-
DIA
-
EEM
-
EFA
-
FXI
-
SPY
-
DX
-
CL
-
GLD
-
DBC
-
IWM
-
KBE
-
IYT
-
GDXJ
-
EZU
-
USO
-
ITB
-

Once all the dust settled, the Dow Jones closed up six points. In any case, let’s stroll through some ETFs. I’ve tried to order and group these in a sensible fashion.

DBC

The commodities markets have been strong; I’ve drawn a resistance line, but frankly, it’ll probably get taken out with the continuing strength in crude oil. USO

Oil has been up almost daily since Christmas. There’s very little standing in its way. Please note an OPEC meeting is going to close out this week. ITB

Home construction recently cut above its resistance (now support), so this could gain strength from present price levels.

DIA

The Dow has a failed bullish breakout, although the long-promised trade deal could right this ship; for the moment, there’s been no follow-through to the breakout. IYT

The Transports remain historically weaker than the Industrials and have yet to push past the price gap (noted with the horizontal line)

IWM

Small caps are much farther away from lifetime highs than, for example, the S&P 500, but they were much stronger on Wednesday than most other indexes KBE

The bank sector remains weak, with a consistent series of lower highs.

SPY

The S&P 500 is quite close to lifetime highs.

EEM

Emerging markets have completed a larger bullish base and could be in “launch” mode if they get past their horizontal (which is basically exactly where the price is now).EFA

Outside of North America, equities are up against substantial resistance.

EZU

The same holds true here, with the bearish and bullish patterns in a stand-off.

FXI

China has a cup-with-handle pattern (bullish).

Gold looks prone to weakness, although I don’t think it has far to fall.

GDX

Miners are just beneath their price gap and prone to slippage of about a dollar.

GDXJ

Finally, junior miners are sporting the same price gap and are at risk of a modest sell-off.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.