Today could have been dubbed “Revenge of the Bulls” (as if they NEEDED such a thing after the past thirteen years). In any case, every asset blasted higher. Let’s look at some key ETFs to see what’s what.
I am still holding out hope for the NASDAQ to respect its head and shoulders pattern. Some of you think I’ve lost my marbles (I’m looking at your, TXTine!) and maybe I have. Let’s see if that neckline holds or not.
The emerging markets sport a pattern quite similar to the cubes, although it hasn’t quite broken down yet. I imagine that if the tech stocks resume their fall, the emerging markets will follow suit.
I’ve got April 16 puts on Mexico (via EWW). Sorry if I seem H&S-crazed, but this, too, seems like a good instance of the pattern in formation.
For you candlestick fans, the Dow TransportsI created a nice “spinning top” today.
Oh, boy, another H&S? Yep. It’s the S&P 100):
I think one of the telling sectors is going to be semiconductors. This has been the champion of the bulls for years now, and yet it has broken its ascending channel and has a nice little reversal top.
