Week 7 Mid-Week Trending Updates
Starting with the Major Markets:
The S&P 500 is back to being perfectly bullish. The price went back over its 10-day moving average.
The NASDAQ price also crossed back over its 10-day moving average.
No change in the Russell 2000.
No change in China FXI.
The EFA price crossed back over its 10-day and 20-day moving averages. It turned back to being perfectly bullish.
No change in the Emerging Markets EEM. It stayed short-term bearish.
The Dow Jones price crossed back over its 10-day moving average. It went back to being perfectly bullish.
Now reviewing the SPX sectors:
XLY price crossed back over its 10-day moving average.
XLV price crossed back over its 10-day moving average.
XLU - no change.
XLRE price dipped below its 20-day moving average.
XLP - no change.
XLK - no change, looks the strongest.
XLI price crossed back over its 10-day moving average.
XLF price crossed back over its 10-day moving average.
XLE - no change.
XLC - no change.
XLB - no change.
Conclusion:
The volatility index being low (around 20), there is not a lot of fluctuation in the prices. However, there seems to be good amount of tension between the bulls and the bears. So, the markets could either way. I am still positioned short the market as I think there is more downside risk than upside risk at this time.