We finished up quite an interesting week. It began extremely strong but faded all week long. Many key ETFs saw their PSARs flip from bullish to bearish. Such as the Dow Industrial's “diamonds”:
Dow Jones Industrial Average (DIA)
SPDR Dow Jones Industrial Average (NYSE:DIA)
Emerging Markets (EEM)
iShares MSCI Emerging Markets (NYSE:EEM)
S&P 500 (SPY)
SPDR S&P 500 (NYSE:SPY)
MSCI Brazil Capped (EWZ)
iShares MSCI Brazil Capped (NYSE:EWZ)
You can also see how Brazil is reversing away from its failed breakout and is now in the throes of a small H&S pattern:
Russell 200 (IWM)
iShares Russell 2000 (NYSE:IWM)
The small caps got way above all three of the 50/100/200 day EMA, but the price has reconnected with these levels, and it looks like we might avoid a crossover.