Market Bias, June 18

Updated 06/17/16

498px-Yellow_flag_waving.svgNO Bias

Bulls and Bears alike need to take caution, say the volume and price trend indicators.

Accumulation/ Distribution*
S&P 500 6/5
NASDAQ 4/5
DOW 30 3/6

No clear dominance in volume to suggest institutions are buying or selling in mass.

Sector Bias

Ticker ETF Bias
FDN First Trust Dow Jones Internet Index Fund +
IGE iShares North American Natural Resources ETF +
IGN iShares North American Tech-Multimedia Networking ETF +
IGV iShares North American Tech-Software ETF +
IHI iShares U.S. Medical Devices ETF +
IYZ iShares U.S. Telecommunications ETF +
OIH VanEck Vectors Oil Services ETF +
PPA PowerShares Aerospace & Defense Portfolio +
QTEC First Trust NASDAQ-100-Technology Sector Index Fund +
SMH VanEck Vectors Semiconductor ETF +
XLB The Materials Select Sector SPDR Fund +
XLE The Energy Select Sector SPDR Fund +
XLI The Industrial Select Sector SPDR Fund +
XLK The Technology Select Sector SPDR Fund +
XLP The Consumer Staples Select Sector SPDR Fund +
XLU The Utilities Select Sector SPDR Fund +
XLV Health Care Select Sector SPDR ETF +
XME SPDR S&P Metals & Mining ETF +
KIE SPDR S&P Insurance ETF
XLY The Consumer Discretionary Select Sector SPDR Fund
IBB iShares Nasdaq Biotechnology ETF
IYT iShares Transportation Average ETF
KBE SPDR S&P Bank ETF
KCE SPDR S&P Capital Markets ETF
KRE SPDR S&P Regional Banking ETF
PPH VanEck Vectors Pharmaceutical ETF
XHB SPDR S&P Homebuilders ETF
XLF The Financial Select Sector SPDR Fund
XRT SPDR S&P Retail ETF

Not quite a bull market anymore as bank stocks trend below their major MA’s, as well as lackluster action from retail, a traditionally decent measure of economic health.

Price Performance, Ranked By YTD

Rank Ticker Perf Week Perf Month Perf Quart Perf Half Perf Year Perf YTD
1 XME -1.80% 7.38% 13.07% 61.23% -9.10% 56.79%
2 XLU 0.16% 4.46% 3.76% 22.11% 22.36% 18.21%
3 IGE -4.05% 0.06% 5.96% 12.70% -11.82% 15.19%
4 IYZ 1.11% 5.01% 6.53% 13.86% 8.09% 11.34%
5 XLE -3.21% 0.38% 5.28% 8.70% -11.00% 11.28%
6 XLB -1.81% 1.57% 4.41% 9.52% -4.22% 9.15%
7 OIH -6.31% 2.59% 3.11% 2.14% -19.97% 7.86%
8 IHI -2.46% 2.29% 11.66% 8.85% 11.17% 7.76%
9 XLP -0.15% 2.82% 2.45% 8.74% 14.21% 7.52%
10 XLI -2.01% 0.96% 1.51% 7.21% 2.69% 6.16%
11 SMH -2.32% 8.49% 4.00% 5.08% 0.86% 5.78%
12 PPA -1.95% 1.58% 6.43% 6.38% 3.68% 4.69%
13 IGV -1.26% 4.14% 7.45% 2.53% 4.13% 2.51%
14 XLK -1.69% 2.78% 0.07% 1.55% 3.93% 2.20%
15 KIE -3.17% -0.35% 1.42% 1.51% 2.14% 1.38%
16 QTEC -1.82% 5.88% 1.72% 0.39% -2.55% 1.31%
17 IYT -4.27% -0.50% -4.82% 0.49% -8.13% 1.05%
18 XLY -1.25% 0.80% 0.44% 0.11% 3.23% 0.63%
19 XLV -1.77% 2.49% 7.59% -0.06% -3.77% -0.96%
20 IGN -1.85% 5.49% 0.69% -0.77% -9.08% -2.29%
21 FDN -0.95% 4.57% 7.96% -2.74% 7.26% -2.55%
22 XHB -3.66% 0.70% 0.36% -3.49% -8.64% -2.98%
23 XLF -2.99% -0.52% 1.08% -4.29% -7.22% -4.01%
24 XRT -2.27% 1.57% -9.64% -4.92% -16.44% -4.35%
25 KRE -5.64% 0.23% 1.84% -8.44% -11.06% -7.49%
26 KBE -5.83% -0.80% 0.84% -9.82% -14.00% -8.37%
27 PPH -3.23% 0.30% 2.72% -10.53% -18.49% -11.28%
28 KCE -4.78% -0.68% -2.86% -11.62% -25.81% -12.75%
29 IBB -4.23% 1.09% 6.10% -20.55% -28.46% -22.52%

Late bull market cycle in the works with Metals and Utilities well bids this year.

 

Pop Ready

Bullish charts for the major indexes… looking like they wanta pop new highs.  

sc

The S&P 500 is wound tight in a bullish-cup-and-handle pattern. History says this kind of thing will lead to a breakout. The deciding factor would be if it sticks or not.

We all know the market’s tendency to figure out a way to slaughter the most amount of people. Extreme bearishness certainly adds to the case of higher prices.