Week 46 Midweek Trending Update
Major Markets
No change for the S&P 500.
No change for the Dow Jones Industrial Average.
No change for the NASDAQ. The NASDAQ has not yet been able to turn short-term bullish. The 10-day moving average is still below the 20-day moving average.
The NASDAQ 100 - QQQ however, did go short-term bullish. That is a good sign and perhaps helps the broader NASDAQ to also do the same soon.
The Russell 2000 price just dipped below its 200-day moving average. Note that this is not necessarily the start of a bearish trend. Price moves can sometime make crossovers very quickly given the volatile markets we are in. That is why I look at crossovers more closely.
No change for Emerging Markets.
No change for the All-Country World Index.
Sectors
The Utilities sector XLU price crossed over the 50-day moving average.
The Homebuilders sector XHB price dipped below its 200-day moving average. This is not to be considered as a bearish trend yet.
The Biotech sector XBI price dipped below its 200-day moving average. This is not to be considered as a bearish trend yet.
The Silver SLV price dipped below its 200-day moving average. This is not to be considered as a bearish trend yet.
The Lithium sector LIT price dipped below both the 10-day moving average and the 200-day moving average. This is interesting but not bearish yet.
Conclusion:
Markets in general seem range bound and no significant change in their trending.
Some of the sectors price drop dipped below some key moving averages. But, for the most part, the bullish trending continues.