Key ETFs offer a technical snapshot each week, but are not comprehensive technical analysis.
GLD is right at the resistance we noted last week. The chart is neutral and would become positive with a rise above resistance (and the moving averages) and a MACD up trigger. Obviously, a failure here would put a bear signal on.
SLV continues within a little flag below the moving averages and resistance. It remains bearish but is close to a MACD trigger. It needs to follow through on that and rise above resistance (and the moving averages) to get bullish.
GDX broke through clear resistance yesterday. If this holds and MACD triggers up GDX would turn its bearish situation bullish. A break above the SMA 50 would break the flag to the upside. It is time for GDX to either turn bullish or fail. There is not much wiggle room in between.
GDXJ is still technically bearish below the moving average cluster. A break of those averages and a MACD trigger are needed for a bull signal.
SIL has held the support level noted last week. MACD is close to a trigger and price is close to the moving average cluster. SIL is neutral but needs to hold support, take the moving averages and get above 13.50 to get bullish.
DBC is bullish above the moving averages with MACD green and triggered. Currently dealing with resistance.
DBA remains bullish. Furthermore, it has worked off its extreme over bought status by consolidation rather than correction. Volume has not been inspiring on the break out of the consolidation.
USO is bullish as this chart remains untouched from last week.
UNG remains bullish above the long term breakout point. MACD just triggered up.
URA continues to flag down to support. If that support is lost and MACD goes red, it will not have been a flag, it would be a downtrend. URA is currently neutral.
TLT is another untouched chart from last week. It held the moving averages and has now closed 2 days in a row above resistance and is on a bull signal.
SPY is another chart that needed no new mark ups despite the volatility of the last week. It continues to hold very important support. Simply due to the down triggered MACD (note: weekly MACD is also triggered down and rolling) we can call this neutral. But SPY is not at all broken and indeed at a potential bounce point.
SMH not only remains above 10 year old support, it bounced at the upper trend line after it pulled a channel buster up. There is clear support at around 44.50 and until that is taken out, SMH remains bullish.
EZU is unchanged and still bullish.
EEM remains bullish and is actually getting over bought. People went from hating to liking to momo’ing the EM’s.
FXI just made a bullish breakout yesterday. With MACD now green that’s exactly what it is, bullish.
Bottom Line
- Precious Metals are neutral to bearish at this snapshot in time.
- Commodities are mostly bullish.
- Global stock markets are mostly bullish with some mixed signals going on in the US. We continue to favor global over US stocks, with the exception of the Semiconductor sector, which serves a global market and possibly a few other sub-sectors not covered in Key ETF updates.
