Print High & Close

The table lists well known index ETF’s; along with most recent highs and current (Friday) close:

All the usual suspects are there:

S&P 500, SPY, The Dow 30, DIA, Nasdaq, QQQ, and on.

What’s also listed is how far each index (ETF) is from its most recent all time high or ‘recovery’ high (in percentage terms).

Obviously, one of these is completely out of bed: Biotech, IBB

We’ll be discussing the technical condition of biotech tomorrow. For now, the updated ‘project’ chart’s included below:

Note:  Posts on this site are for education purposes only.  They provide one firm’s insight on the markets.  Not investment advice.  See additional disclaimer here.

Real Estate Breakout … Down

Interest rate sensitive markets are on the move … lower.

Updated 3:02 p.m. EST, as noted below

Fastenal (FAST), Home Depot (HD), Lowes (LOW), Real Estate (IYR), Weyerhaeuser (WY), Homebuilders (XHB), all taking a hit early in the session.

In their own way, there’re interest rate sensitive and related to real estate, construction or maintenance.

Since mid-January this year, real estate, IYR was identified as a potential strategic short opportunity.

Numerous shorts (via DRV) were opened, some exited (not advice not a recommendation).

On February 25th, it was obvious in early trading, this is it.

Reversal at hand.

The last of the shorts via DRV was opened and documented here (not advice, not a recommendation). Now in today’s session, we have a completed wedge and apparent downside breakout in progress.

There’s a lot of congestion to get through before (if and when) IYR reaches ‘free-fall’ territory. A lot could happen between now and then.

Even so, it’s fairly safe to say, price action’s not likely to come back to the IYR session high.

But that’s exactly what it did … and pushed just a bit higher (+0.15-pts).

So, we’ll set the DRV stop at that location (session low) … approximately 9.41; not advice, not a recommendation.

With the above push, the DRV stop will be set at today’s session low (currently 9.39).

Stay Tuned

Charts by StockCharts

Note:  Posts on this site are for education purposes only.  They provide one firm’s insight on the markets.  Not investment advice.  See additional disclaimer here.