*** vs. SPY

Ratio charts of various items vs. SPY (or SPX)…

On a relative basis, broad commodities are not happening and neither is an inflationary backdrop at this time.

crb spx

CDNX-SPY is fading now, in line with the potential double top we reviewed on nominal CDNX in a post on a Pot stock last week.

tsxv spy

The Russia aspect of the ‘Trump trade’ is done for now.

rsx spy

China large caps vs. US large caps are not actionable.

fxt spx

EMs vs. SPY are not actionable.

eem spy

What is and has been actionable is the Medical Device sector, as we have beat you over the head with repeatedly.  Again, these are ratios.  Nominal IHI is overbought.

ihi spy

Energy sector vs. SPY is nowhere other than potentially making a double bottom.

xle spy

Financials made a bullish move.  If interest rates resume rising the move will be real.  If they drop, not so much.

xlf spy

Another ‘Trump trade’, Materials, is close but not yet breaking out of its ‘vs. SPY’ downtrend channel.

xlb spy

A leading indicator, small vs. large caps, is in a bull flag.  A breakdown puts the market on risk ‘off’ alert.  A break upward from the flag… party on Garth.

rut spx

Lots more ‘vs. SPY’ ratios and other indicators out there to consider.  But hopefully this adds a little to your overall market management perspectives.

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