The Composite Breadth Mannequin at TrendInvestorPro has been bearish since April eleventh and stays bearish, which means that the present bounce in SPY is a counter-trend advance inside a much bigger downtrend. Additionally notice that the 5-day SMA for SPY is under the falling 200-day SMA and the Trend Composite is adverse (long-term downtrend).
Regardless of a bear market setting, one group is attracting shopping for curiosity and that is mirrored in our ETF Trend Signal and Ranking Table. The picture under is a lower out of this desk, which tracks Pattern Composite indicators and momentum for 274 ETFs. The Clear Power business is one, if not the, strongest group proper now as a result of 4 of the seven are in uptrends (TAN, ICLN, ACES, QCLN).
Observe that there have been 10 new uptrend indicators this previous week, that are proven within the “Current Sign” column on the desk under. Regardless of these new indicators, solely 16 of the 274 ETFs (5.8%) in our development tracker are in uptrends. Exterior of Clear Power, the brand new uptrends indicators had been in ETFs associated to Power, Utilities, Staples and Healthcare (yellow arrows). This tells me that the broader market nonetheless favors protection (danger off) over offense (danger on).
The Pattern Composite and StochClose type the spine of the ETF Pattern-Momentum Technique at Pattern InvestorPro. Along with common evaluation and complete movies, this technique is detailed in a ten half sequence obtainable to subscribers. Click here for immediate access.
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Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic strategy of figuring out development, discovering indicators throughout the development, and setting key worth ranges has made him an esteemed market technician. Arthur has written articles for quite a few monetary publications together with Barrons and Shares & Commodities Journal. Along with his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Enterprise Faculty at Metropolis College in London.