Market Weakness
The market finally showed just a bit of weakness today as seen in these advance/decline lines. It isn't much but when the short-term trend is this extended it seems like a good idea to pay close attention to these small indications. More tomorrow morning.
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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.
Technology and China are leaders, again.Energy and Transports looked weak, and Gold Miners showed a bit of strength.
Someone on the FastMoney podcast made the point that the general market needs participation from Energy, but that it doesn't need to be a leader. It just needs to hold above recent lows. I agree.
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Gold Miners have a lot of work to do in order to start a convincing longer-term uptrend, but they have to start someplace and this looks hopeful. Holding above a test of the 200-day with the 20 and 50-day averages properly aligned is decent technically.
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Outlook
The ECRI index is pointing to weak economic growth in the months ahead, but today's ECRI index finally showed signs that it might have bottomed out.
The long-term outlook is worrisome.
The medium-term trend is up.
The short-term trend is up.
Disclaimer: I am not a registered investment advisor. My comments above reflect my view of the market, and what I am doing with my accounts. The analysis is not a recommendation to buy, ...
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