Ham

Bullish seasonality bolstered the week and all we got was an inside week in the lower half of the prior week's range.  There's little way to cut it, that's disappointing.

From a price stance, basically nothing in the U.S. Markets has changed during the holiday shortened week.  Friday's reaction to the jobs report really puts everything at the low end of the weekly ranges.

The sentiment Sunday night-Monday morning sentiment will be telling.  This is an important time to keep an open mind.  We also need to remember global markets have been trading like they have an on-off switch.

Options sentiment is leaning bearish during this correction as we reach what have been key peaks on multiple time-frames.  That seems like a usual occurrence during a run-of-the-mill correction.  Time will tell if that is the case.

Be sure to check out some of the best reads of the week in See It Market's top trading links compiled by your's truly.  


Market Musings...

SPX equal weight index relative to the S&P 500 blasted to new highs.  So the large cap names are sucking wind relative to the smaller names.  Is that a sign of dollar strength or market breadth?  It appears to be a case of both.

We can see the equal weight index is holding up better during this corrective period.

 Looking at the NYSE stock only Advance-Decline line, we see a very strong breadth reading.

 

Since the equal weight index is showing leadership in a healthy way, we'll track the rising wedge action there rather than the S&P 500.

Biotech continues to show no signs of bearish momentum as it holds over the 50D.

 How about this rising wedge in the Investment Grade Corporate Bond ETF.  A tide change to a rising rate environment could be as big a risk to the market as anything.  

The Anti-Dollar trade looks read for prime time...maybe.

One thing i'm watching is the US dollar.  Does it fall here and help prop up prices?  It reversed lower at a key level last week.

The Emerging Currency ETF is testing some key resistance after popping over the falling 50 Day Moving Average.

Gold and Crude Oil have potential bottom setups, but plenty of work to do.

The Agriculture commodity ETF is testing a key level.

Cotton is another commodity trying to finish off a base at a major support area.  

Around The Globe...

The east continues to lead the world as various Asia ETFs test resistance like the Emerging Asia SPDR.

Singapore is testing some pretty heavy resistance after last month's false breakdown.

Emerging Markets quietly broke out of a head and shoulders bottom.  The 42 level is a huge area.

Thanks for reading!  Happy Easter, Happy Passover!