Many sectors stalled or reversed at resistance on Friday. Expect some choppiness ahead as market decides its direction (bull option: digest the move and plow ahead; bear option: bounce over, back down to lows). Considering recent resilience of the market bias is firmly with the bulls until proven otherwise.
SPY reversed at trend-line
QQQ reversed at 50SMA and trend-line
We posted this chart a few times last week expecting a move and pause into this area. Basing under would be healthy in order to set up a new move up.
DBA big move from 100SMA into 50SMA and now pause.
The BEST technical ETF we follow -- GDXJ bounced again perfectly on the 200SMA right into trend-line and now basing on 100SMA. It could retrace 50% of the move and still be bullish. Beautiful chart.
SLX we had charted last week as a move from trend-line to 50SMA -- here it is and now pause. Again, any basing here would be healthy.
Our favorite sector right now is Oil and Gas -- note how it's basing under trend-line. We're expecting a breakout soon from this area.
KOL has also been hot -- we're basing near recent highs. Any digestion here would be very healthy for the upside.
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