By Investor’s Yak
Positives (industries at or around the 50 DMA) include financials (XLF), home builders (XHB), Semiconductors (SOX), Medical (XLV, PPH, XBI, and FBT), and Consumers (XRT, and IYC).
Negatives (industries 50 DMA is below 200 DMA) are seen in Transportation (IYT may be ready for a price bounce), Real Estate (IYR), Energy (USO, and XLE), and Metals (GLD, SLV, PPLT, and others).
Trading ranges will probably continue into next week. Major market indexes (i.e. NASDAQ, S&P500, and Dow Jones) remain in trading ranges around the 50 day moving average (DMA). Additionally, Action Zones (AZ’s) are mixed. Small Cap (Russell 2000) and the NASDAQ weekly AZ’s reflect sufficient strength to shake off negative market influences. But DJIA and S&P500 weekly AZ charts show a pullback developing.
Future Interest rate increases could be influencing a lot of the toppy market action, but these rate increases are no surprise to the big money institutions. And summer time slowdowns, which usually catch up to the NASDAQ by the end of June, are not uncommon.
Gold is still in a trading range near the same price lows for the last 2 years. And this is even while China buying up all the gold mines. Silver and platinum are mirroring gold actions.
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