Watch video recap here: youtu.be/GpnZBZ3VPn0
•Stocks hit fresh all-time highs (ATHs) - this fact alone is very bullish for the stock market |
QQQ and IWM gap to ATHs | QQQ maintains the gap, while IWM closes it | Mild bearish divergences show up on IWM charts | Technology (NYSEARCA:XLK), Discretionary (NYSEARCA:XLY), Industrials (NYSEARCA:XLI), Materials (NYSEARCA:XLB) and Staples (NYSEARCA:XLP) hit ATHs | Utilities (NYSEARCA:XLU) and Health Care (NYSEARCA:XLV) right behind | Financials (NYSEARCA:XLF) and Real Estate (NYSEARCA:IYR) lag the general market | European stocks gap to fresh highs on the heels of French elections
•Junk bonds also ATHs show a decent appetite for risk | Investment grade bonds (LQD, TLT, AGG) maintain their levels | Selling pressure is still muted for bonds
•US Dollar at an important support level | Time to short Euro and Pound? | Dollar gains vs. Canadian dollar and the Yen
•Gold and gold miners weaken together with the Dollar - which one would be correct?
•Oil is attempting to stabilize | Energy (NYSEARCA:XLE) with a divergence relative to oil
•Natural gas gains on strong weekly candlestick
Charts mentioned in this video can be found here: stockcharts.com/public/1229503
Disclosure: I am/we are long DIA, TLT, SCO.