Commentary

Market Summary – April 17

ETF Summary

QQQ was alone among the major indexes to make a gain today. Evidently the continued weakness of XBI and XLV affects SPY and IWM more than QQQ.

IWM

IWM was the most damaged. Today’s candle turned white and engulfed the previous 4 candles. It dropped to the 18 day moving average before it made a little bounce. The last 11 days now makes a trading range. Tomorrow’s candle will turn blue if further weakness is displayed.

VTI

VTI took out the previous 3 candles and turned white. If VTI makes a normal 50% of it’s run from swing low 141.91) to swing high (149.22) it will go to 145.57. This would wipe out the previous 2 weekly candles. A 61.8% drop would put it at about 144.71 which is high of the green candle from March 29.

Conclusions

The overall market evaluation is neutral now instead of bullish.

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