Once again, while semiconductors (SMH) roared to new highs, Transportation as seen through IYT the ETF, sold off.
Retail XRT closed marginally green after better-than-expected consumer confidence data.
Regional Banks (KRE) fell closer to the critical levels of support.
Biotech) had a bad day as well.
And Bitcoin is also back-testing critical support.
This is leaving a very bad taste in the mouths of astute investors.
However, it is also proving that stagflation, currently a grossly underused word, is becoming ever more present.
Wheat is just the latest example of a commodity making a move up in the face of geopolitics and weather.
This is with gold, silver, copper, natural gas, oil and uranium all closing green.
ETF Summary
- S&P 500 (SPY) 529 pivotal support
- Russell 2000 (IWM) 210.80 ATHs resistance 200 support
- Dow (DIA) From 40k to breaking the 50-DMA
- Nasdaq (QQQ) Watching 455 level
- Regional banks (KRE) Watching the range
- Semiconductors (SMH) 240 pivotal
- Transportation (IYT) distribution phase yet getting oversold
- Biotechnology (IBB) 135 now pivotal
- Retail (XRT) Confirmed with a second close above the 50-DMA
- iShares iBoxx Hi Yd Cor Bond ETF (HYG) Broke under 77-another warning sign.