Week 31 Stock Market Trending Report
Reviewing the trending report for the past week and adding commentary on changes from last week.
Major Markets
The major markets continue to remain short-term bullish and trending higher.
The big change is that the Emerging Markets have turned short-term bullish. Even though the price has been choppy, it did close above the 10-day moving average. The trending is not yet convincing though. Not going to trade it yet.
Major Sectors
Close to all of the major sectors continue to remain short-term bullish confirming that the bullish trend in the S&P 500 is broad-based and remains strong.
The Energy sector XLE continues to trend short-term bullish. However, the price dipped below its 10-day moving average.
The Healthcare sector XLV continues to trend short-term bullish. However, the price dipped below its 10-day moving average. I still hold CURE which is the 3x leverage of Healthcare sector and may need to rethink that position.
The Biotech sector XBI had a huge week (will see how big it was a little later) and the price has gone back over the 10-day and the 20-day moving average. It continues to trend short-term bullish. I played with XBI call options for a bit and made some gains. I did sell soon and did not end up making all the gains I could have. But that is because I had no way of knowing it would continue to go up this big. I protected my profits.
Countries
Not much movement in the Countries. General trend remains short-term bullish supporting the US markets.
Australia EWA continues to remain short-term bullish. However, its price just dipped below its 10-day moving average.
Canada EWC price crossed below its 50-day moving average. It continues to trend short-term bullish.
Japan EWJ continues to remain short-term bullish. However, its price just dipped below its 10-day moving average.
Taiwan EWT price is now above its 10-day moving average. It continues to trend short-term bullish.
Brazil EWZ price crossed over its 50-day moving average. It also continues to trend short-term bullish.
South Korea EWY price crossed over its 50-day moving average. It continues to trend short-term bullish.
Alternate Sectors
Very few changes in here. Mostly short-term bullish as can be seen from the heat map below.
Natural Gas UNG continues to trend perfectly bullish. However, its price crossed below the 10-day moving average. Energy sectors have been choppy over the last several weeks. I am guessing the geopolitical situation is causing these gyrations.
Ethereum price crossed over its 10-day moving average. It continues to trend short-term bullish.
Big Tech
Mostly good trending here. The Chinese stocks Alibaba and Baidu continue to trend poorly with the overall Chinese market. Zoom had a big comeback and Intel continues to languish.
Meta META turned short-term bearish. The price is above the 10-day and the 20-day moving averages.
Google GOOGL turned back to short-term bullish.
Zoom ZM has had a big recovery and is now trending short-term bullish. The price is over the 10-day and the 20-day moving averages. The price has also crossed over its 50-day moving average. A week back it was in the doldrums.
Intel INTC has turned short-term bearish. The 10-day moving average has crossed below the 20-day moving average.
Micron MU price crossed over its 50-day moving average. It continues to trend short-term bullish.
Conclusion
All markets are trending short-term bullish. The probability they continue to rise in the near-term is greater than 50%. I will continue to hold my leveraged instruments such as TQQQ, SPXL, FNGU, SOXL and trade the SPY/QQQ combination on the regular basis based on market moves.