Is the market finally ready to roll over short-term? The bullish percents look ready for a change of direction… or at least a pause.
The net advance/decline line could be pausing too.
There is usually a very strong correlation between EEM and CEW which is an ETF containing Emerging Market currencies. My guess is that in the short-term, EEM will soon start to catch up with CEW to the downside.
Will it break down or break out higher? A break down would make me take a look at US Treasuries.
The Short-Term Leader List
The strongest ETFs are blue, additional leaders are green and red indicates recent weakness. The S&P500 is the benchmark. Disclaimer: This list is not a recommendation to buy or sell.
Weakness for retail today.
I have my eye on Utilities. I like the looks of this chart.
Could the Gold Miners be getting ready for a move higher?
Outlook
The ECRI index is pointing to weak economic growth in the months ahead. Maybe the prospect of a tax cut will help the ECRI bottom out and start to head higher soon.
The long-term outlook is worrisome.
The medium-term trend is up.
The short-term trend is up. Watching for signs of the next short-term downtrend.
