NFTRH; Key ETF Update

ETF updates are a snapshot of current daily technicals, not a comprehensive technical review.

GLD remains in a Symmetrical Triangle, which gold bugs hope is not a typical Sym-Tri AKA continuation pattern.  Status is the same, bullish above the 50 and 200 day MA’s, and not bullish below them.


SLV remains above major support and below short term resistance at the MA 50’s.  It is going sideways in preparation for a break upward or a major breakdown (ref: weekly charts reviewed in NFTRH).


GDX is threatening to break down through support.  If this level is lost, there is only hot air down to the low 22’s, which is equivalent to our HUI 205 big picture parameter.


SIL is again testing the lower support.  The silver miners could provide a leading hint on the precious metals, whether they hold current support or fail.


GDX-GLD ETF version of the HUI-Gold ratio was noted as bearish below the thick cap of resistance and the down turned MA’s.  Now it is at support and time to turn up in order to avoid ‘HUI 205’ and a bottom re-test by GDX-GLD/HUI-Gold.


DBC continues to hang around below resistance and is in a neutral stance.


USO held support and is now testing resistance again.  It is short term bullish.


UNG held the long term breakout support and bounced back to the MA 50’s.  Neutral at best.


DBA remains below resistance and the MA 50’s.  Bearish.


TLT continues to grind an uptrend in mockery of the ‘Great Rotation’.


TIP-TLT shows no change in the lack of inflation anxiety.


SPY sported a ‘Shooting Star’ candle to all-time highs notoriety last week, and in declining from that is in a bearish reversal situation; so the candlestick experts would say.  As for the full chart, it is neutral.  A drop below the MA 50’s and support would be bearish.


QQQ says time for bears to put up or shut up.  MACD has gone positive, QQQ is above the MA 50’s and needs to turn down soon to keep the bearish pattern okay.  If resistance is exceeded, an intermediate bearish pattern could yield to a short term bullish one.


SMH is status unchanged, as it is below the red downtrend line and above the critical support line.  Neutral.


KBE-SPY (BKS-SPX) remains in breakdown mode and a negative indicator for the US stock market.


EZU broke down from the wedge but is at the MA 50’s and neutral.


EEM continues to look good by daily chart, but has not proven much on the bigger pictures reviewed in NFTRH.  We will continue to monitor an EM’s vs. the S&P 500 stance going forward.


FXI is mostly bullish above the SMA 50, with resistance just above at the SMA 200.


Bottom Line

  • Precious Metals continue to be technically bearish by daily charts.
  • Commodities remain the definition of ‘mixed bag’.
  • Stock markets have also gotten on the ‘mixed bag’ theme.