The bullish trend for SMH remains intact. It would take a break of the support in the chart below at (2) for this leading tech ETF to send a bearish message to the broad market.
The multi-year decline in Gold and the Franc have both testing long-term support at each (2). With the trends for both being down, this support test looks to be one of the most important in the past 15-years!!!
Energy ETF (XLE) has struggled to get above the $80 level while creating a series of higher lows over the past 18-months. This price action could be creating a bullish ascending triangle pattern.
The consumer has always been a good gauge of the U.S. economy. Similarly, investors can gauge the health of the stock market by looking at consumer stocks.
his chart looks at Monthly Crude Oil Futures over the past 16-years, with Fibonacci retracement levels applied to the monthly “closing highs in 2008 and the closing lows of 2016.”
This chart looks at the Nasdaq Composite Index on a monthly basis over the past 20-years, where we applied Fibonacci to the 2000 highs and the 2003 lows.
