Random Charts From NFTRH’s ‘Market Internals’ Segment

Participation from the S&P 500’s ‘equal weight’ components is thinning out markedly after putting on a mini-surge in June.

rsp, spy

That is in line with what is going on in Tech, with the FANG doing the heavy lifting, but now AMZN and GOOGL testing their upside channel breakouts.

fang

We had plotted a new high in IHI/SPY back in Q4 2016, and fell short by .001. Will you give it to me? Anyway, Trump-sensitive Medical Devices have double topped vs. SPY to little surprise as congress has stepped all over itself on Healthcare and the would-be beneficial tax policy that would have helped the Device sector. In this case tax policy is not separate from Healthcare policy because the Device sector is burdened by taxes for funding of the Affordable Care Act. So this is one of those ‘Trump failure’ indicators.

ihi spy

Unlike the FANGs, these companies are more old fashioned. I’ve been waiting for AAPL to 130, otherwise I’ll not participate. INTC is still in a Cup’s Handle, MSFT is robotic in its uptrend and CSCO clings to its supportive weekly EMA 50.

mica

A self-explanatory daily view of various sectors vs. SPY…

xlf spy

A look at the risk ‘off’, defensive and or counter-cyclical items vs. the broad US market (SPY). Utes, Treasury vs. SPY and even the gold miners to a degree, are notable.

counter cyclical

And finally, the S&P 500 going up and the US dollar going down. It is not rocket science as to the probable effects on the stock market if the buck ever stops dropping and gets a decent bounce going.

usd and spx

There are several more that we review but the above gives an idea of how things are shaping up from a few different angles.

Subscribe to NFTRH Premium for your 40-55 page weekly report, interim updates and NFTRH+ chart and trade ideas or the free eLetter for an introduction to our work. Or simply keep up to date with plenty of public content at NFTRH.com and Biiwii.com. Also, you can follow via Twitter @BiiwiiNFTRH, StockTwits, RSS or sign up to receive posts directly by email (right sidebar).