Turned out to be the right move to cut IWM loose when it started behaving badly Apr 5 and 6.
SPY/QQQ/ and IWM were quite bullish in late March/early April. This formation shows some intermediate tops. This could tip over, in which 234 – 208 = 26, 226 – 26 = 200. That fate is definitely worth avoiding. Somewhat more likely is that this is a bottoming formation. The bottom is only vaguely defined, so it is probably best to wait for some positive developments.
Not surprising to see a little softness continue in SMH/SOXL. XLU is impressive OC. Utilities play OC well and CO poorly, Now that CO has been underperforming for normal equities, XLU (and XLP) have been looking reasonable. Somehow I’ve managed to resist. Otherwise the usual suspects seem fine – XLY/XLK/QQQ/MTUM/FNGU/TECL/TQQQ.
