Top ETFs New Trend ~ SPX, SPY, QQQ, DIA & IYT
The market made another milestone yesterday- worst 2Q start since the recession of 2008. The U.S. benchmarks dropped median of 3% intraday & recovered to just a 2.25% closing. As of yesterday price action, the daily moving average dipped once again in oversold levels, however, from a technical perspective it was day 1 of "new" era of -5% difference read through for the 50 DAY moving average.
The S&P 500 briefly breached below the 200 moving average, the late day bounce pushes is above. Bearish breadth across the board, even the notorious momo of techs have fallen.
The key question is how long will this correction last? No one knows for sure, but one thing that we need to keep in mind, November of 2016 - January of 2018 the market stretches in overbought reading with no pullbacks at all.
Surprisingly, the IYT or transport sector fared better than SPX, SPY& QQQ.
- Apple (AAPL) Amazon (AMZN) Netflix (NFLX) Alphabet (GOOGL)
- SPY, QQQ, DIA, XLF, XRT, XLE, IYT, IWM, IBB, SMH
Twitter: @ Kris_tin27