WEBINAR, MDY AND SPY BREADTH, MARKETS ZIGZAG, OVERVIEW OF 9 SECTOR SPDRS, FIVE LEADING INDUSTRY GROUP ETFS, DOLLAR CORRELATION WITH COPPER-GOLD-OIL, BONDS HIT KEY LEVEL, SIX STOCK SETUPS
AD LINES CONFIRM NEW HIGHS IN SPY AND MDY... When the major stock indices hit new highs, the first thing I do is check corresponding breadth indicators for confirmation. Breadth indicators tell us what is happening within the underlying indices. So far, the S&P 500 SPDR (SPY), the S&P MidCap SPDR (MDY) and the S&P Total Market iShares (ITOT) hit new 52-week highs, and all three corresponding AD Lines confirmed with new highs of their own. New highs in these three AD Lines reflect broad strength within the stock market. I am especially impressed with the new high in the S&P 1500 AD Line ($SUPADP). The first three charts show these AD Lines confirming. Chart 4 shows the S&P SmallCap iShares (IJR) in an uptrend and nearing its April highs. The AD Line has yet to hit a new high, and neither has the underlying index (ETF). Both the ETF and the AD Line, however, are in uptrends and I expect new highs sooner rather than later.
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Chart 1
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Chart 2
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Chart 3
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Chart 4
DOLLAR CORRELATIONS WITH GOLD, OIL AND COPPER... Here is the correlation chart posted in the webinar. I put the Dollar Index ($USD) as the main symbol and then added the Correlation Coefficient indicator below. Notice that gold, oil and copper are mostly negatively correlated with the Dollar. This means they go down when the Dollar goes up, and vice versa.
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Chart 5
WEBINAR FOR TUESDAY, MAY 19TH... covers the following:
First 35 Minutes:
- AD Lines Confirm New Highs in SPY and MDY
- Pullbacks after New Highs are Common
- Finance, Tech and Healthcare are the Strongest Sectors
- Energy ETFs are Breaking Down
- Software, Networking and Semis Lead Tech
- Bank and Broker ETFs are Hitting New Highs
- Dollar Correlation with Gold, Oil and Copper
- Bonds are Oversold and Near Support
- Stocks: CSC, CVS, F, GM, JNJ, MON
Last 25 Minutes:
- Market Message Recap
- Creating and Working with ChartLists
- Questions and Answers
Click here for the webinar recording
