NFTRH Update, Key ETF Charts

This week we add the long-term T bond (TLT) and crude oil (USO) ETFs due to their strategic value within our fundamental analysis.

GLD spent a second day above the critical neckline and is above the 50 day MA’s.  Neutral and close to a bull signal (50’s hold, MACD green).


SLV remains in a potential short-term bottoming pattern, got above the 50 day MA’s yesterday and is below notable resistance.  Neutral and constructive for a bull signal (above resistance and MACD green).


GDX got above the neckline, broke a trend line and is above the MA 50’s.  All excellent work for a strong neutral to bull signal.


SIL is above the MA 50’s and at a notable resistance point.  Neutral on the verge of a bull signal (MACD green, hold 50’s).


DBC is on a bear signal and trying a weak bounce from new lows for the move.


USO is on a bear signal as it loses support levels.


URA is on a bull signal above the MA 50’s.  Resistance just above.


TLT held support and broke upward from a trend line (above MA 50’s) and is neutral and on the verge of a bull signal.


SPY is on a neutral signal above the MA 50’s w/ MACD green, while losing the very short-term moving averages.  MACD triggered down.


EZU is on a bull signal.  Critical support is 40 and then the MA 50’s.


EEM is on a bear signal below resistance and the moving averages.


FXI looks like it is losing support at 36 and is on a bear signal.


Bottom Line

Friday’s post ‘jobs’ reaction saw many markets climb, presumably with the hope that the Fed would come with the ‘awe shucks, we didn’t really mean it’ routine with regard to QE tapering.  Yesterday the trigger to a disconnect in the correlation was apparently Goldman Sachs stating the obvious; that stocks are over valued.

Whatever the cause, a correction is/was needed and the last 2 trading days have not hurt our general macro plan one bit.  We move forward, slow and steady.