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Wheat From Chaff: ETFs That Reflect Where Things Are Going

By Tim KnightStock MarketsMar 28, 2021 12:42AM ET
www.investing.com/analysis/wheat-from-chaff-etfs-that-reflect-where-things-are-going-200569909
Wheat From Chaff: ETFs That Reflect Where Things Are Going
By Tim Knight   |  Mar 28, 2021 12:42AM ET
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Last week didn’t provide any clarity on market direction. In some portions, like tech, it certainly seemed like things were starting to breakdown, but the Huge Rally For No Particular Reason At All in the last hour of Friday really muddied the waters. Even so, below are some ETFs that I think still provide some clarity with respect to what lies ahead.

EEM Daily Chart
EEM Daily Chart

An otherwise perfect H&S pattern for iShares MSCI Emerging Markets ETF (NYSE:EEM) was sullied by Friday’s activity, but this could still work out. It really should stay beneath that price gap, which is where I’ve anchored the horizontal line, however.

EWW Daily Chart
EWW Daily Chart

iShares MSCI Mexico ETF's (NYSE:EWW) multi-year downtrend is still cleanly intact.

EWZ Daily Chart
EWZ Daily Chart

iShares MSCI Brazil ETF (NYSE:EWZ) is very close to an important trendline failure. You might want to set up a chart-based alert to monitor this one.

QQQ Daily Chart
QQQ Daily Chart

The NASDAQ Invesco QQQ Trust (NASDAQ:QQQ) had its most powerful rally in weeks, but it was not enough to wreck the bearish reversal pattern in formation, which is about 80% done at this point. We need to break that lower horizontal to finish it.

SMH Daily Chart
SMH Daily Chart

I continue to focus heavily on the semiconductors sector's VanEck Vectors Semiconductor ETF (NYSE:SMH), which has a similar setup to the NASDAQ QQQ with respect to its affirmation price and its failure point.

XBI Daily Chart
XBI Daily Chart

The biotech sector IBB is almost done with its pattern. Just one medium-sized down day would do the trick.

XLF Daily Chart
XLF Daily Chart
Bank stocks are still sky-high relative to trendlines.
Wheat From Chaff: ETFs That Reflect Where Things Are Going
 

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Wheat From Chaff: ETFs That Reflect Where Things Are Going

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Comments (1)
Solomon Lalani
Solomon Mar 29, 2021 8:48AM ET
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Well, the rally in the last hour must have been the block trades short covering!  All of those gains were given up in pre-market today, before being bought again (as more short covering was/is still pending)
 
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