NFTRH Update, Key ETF Charts

In light of market moving events (Goldman’s ‘stocks are over valued’ Monday, JPM’s ‘PC’s are on a comeback, good for semiconductors’ Tuesday and this morning’s entry from the World Bank ‘Global growth to pick up in 2014, led by US’) in the media, we tighten up the ETF focus a bit.

GLD is having disturbance at the MA 50’s.  Must hold neckline to keep bull signal within hailing distance.  Still neutral.


SLV remains within the potential short term bottoming pattern after being rejected precisely at the resistance level noted yesterday.  Neutral.


GDX hit resistance at the October low.  Should find support MA 50’s to remain neutral on verge of bull signal.  Neutral above the green dotted neckline.


SIL halted at the resistance we noted.  Still solid neutral with a bull signal if it gets above resistance.


DBC tested the resistance line.  Bear signal.


USO is below important resistance at 33.50.  Bear signal.


URA is on a bull signal below resistance.


TLT is neutral.  Would go bull with a MACD above zero and price holding above 104.


SPY remains neutral with MACD triggered down, but it reclaimed the short term moving averages.  Rise above 184 would probably put it back to bull.


EZU remains on a bull signal.


EEM is on a bear signal below the moving averages, but it cleared resistance (now at temporarily support) again yesterday.  Interesting to see what it does at the moving averages.


FXI is on a bear signal but quite frankly, has my interest.  Watch to see if that little cluster of candles at support/resistance starts to look like a short term bottom.


Bottom Line

Noisy markets, noisy ETF charts.

Precious metals have a job to do and that job is to change the daily trend to up.  Generally, they have not yet done that.

Commodities continue not to look very good, with the possible exception of the wild card, Uranium.

US and Europe are bulls until proven otherwise.

Emerging and Asia are at pivot points to failure or short term bull opportunity.