Week 35 Stock Markets Trending Report
Taking the bonus long weekend day to do my usual weekly stock markets trending heat map. Let’s get right to it.
Big themes are all the major stock markets turned perfectly bearish, all major sectors except Energy and Utilities turned perfectly bearish, Indonesia stock market bucked the global trends and dis well, and US Dollar remains strong.
Major Markets
The S&P 500 has turned perfectly bearish.
The Dow Jones has turned perfectly bearish.
The NASDAQ has turned perfectly bearish.
The NASDAQ 100 has turned perfectly bearish.
The Russell 2000 has turned perfectly bearish.
The Emerging Markets has turned perfectly bearish.
The low for the S&P 500 in 2022 was on June 16 when it touched 3666.77. Now it stands at 3924.26 which is 6.56% higher than the year’s low. The recent high was on August 16 when it touched 4305.20. Now it is down -8.84% below that and fallen in almost a straight line.
Major Sectors
All the major sectors except Energy, Metals & Mining and Utilities have turned perfectly bearish. And even those look like on the way down so it could be just a matter of time before they too turn perfectly bearish.
The Energy price XLE dipped below its 10-day moving average. Note that it was perfectly bullish last week. So, this may be minor dip or the start of a bigger descent.
The Metals and Mining price XME turned short-term bearish. The price also fell below its 200-day moving average.
The Financials price XLF turned perfectly bearish.
The Industrials price XLI turned perfectly bearish.
The Materials price XLB turned perfectly bearish.
The Transports price XTN turned perfectly bearish.
The Utilities price XLU turned short-term bearish. It continues to remain long-term bullish for now.
The Healthcare price XLV continues to remain perfectly bearish.
The Consumer price XLY turned perfectly bearish.
The Real Estate price XLRE turned perfectly bearish.
The Retail price XRT turned perfectly bearish.
The Technology price XLK turned perfectly bearish.
The Homebuilders price XHB turned perfectly bearish.
The Biotech price XBI turned perfectly bearish.
The Gold Miners price GDX continues to remain perfectly bearish.
Countries
Interestingly, Indonesia and Malaysia showed some strength and moved somewhat against the grain. Are they going to be the leaders of the rebound? Time will tell.
Australia EWA turned perfectly bearish.
Canada EWC turned perfectly bearish.
Germany EWG continues to remain perfectly bearish.
Hong Kong EWH continues to remain perfectly bearish.
Israel EIS turned short-term bearish. It is also long-term bearish. However, its price remains above the 50-day moving average.
Japan EWJ turned perfectly bearish.
Singapore EWS continues to remain perfectly bearish.
UK EWU continues to remain perfectly bearish.
Brazil EWZ price dipped below its 10-day, 20-day and 200-day moving averages. The short-term trending remains bullish though. The price also remains above its 50-day moving average.
China FXI price dipped below its 10-day and 20-day moving averages. However, due to prior week uptrend the 10-day moving average has crossed over the 20-day moving average. It will be interesting to see what happens here next week.
India INDA turned short-term bearish and also remains long-term bearish. However, the price is still above its 50-day moving average.
Indonesia EIDO price crossed above its 10-day and 20-day moving average. However, the 10-day moving average dipped below the 20-day moving average turning it short-term bearish. It also remains long-term bearish. However, the price crossed above its 200-day moving average. Very interesting trending indeed.
Malaysia EWM no change in trending from prior week.
South Korea EWY remains perfectly bearish.
Taiwan EWT turned perfectly bearish.
Alternate and Thematic Sectors
US Natural Gas UNG price dipped below its 20-day moving average. It was perfectly bullish a few weeks back. Is it on a downtrend? We will check in the performance analysis.
Lithium LIT price turned perfectly bearish.
Solar TAN price turned short-term bearish. It continues to remain long-term bullish.
Clean Energy ICLN price turned short-term bearish. It continues to remain long-term bullish. Very similar to TAN.
Autonomous Driving DRIV price turned perfectly bearish.
Cybersecurity BUG price turned perfectly bearish.
ARK Autonomous ARKQ price remains perfectly bearish.
Robotics and AI BOTZ price remains perfectly bearish.
FinTech FINX price turned perfectly bearish.
Cloud CLOU price remains perfectly bearish.
ARK Genome ARKG price turned perfectly bearish.
ARK Innovation ARKK price remains perfectly bearish.
ARK FinTech ARKF price turned perfectly bearish.
ARK Web ARKW continues to remain perfectly bearish.
US Oil USO price dipped below its 10-day and 20-day moving averages.
Gold GLD price remains perfectly bearish.
Bitcoin BTC price remains perfectly bearish.
Ethereum ETH price crossed over its 10-day moving average.
US Dollar DXY remains perfectly bullish.