Utilities ETF XLU relative to S&P 500 ETF SPY continues to make new long term higher lows.

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This could mean a few things including: rates are going to stay low for the foreseeable future, the equity market actually is in the later stages of a market rally OR these companies are simply poised to outperform via benefits from improved profitability via grid technology and improving pipeline infrastructure.

The S&P 500 ETF SPY relative to Long Term U.S. Treasuries ETF TLT has rolled over below the 50 day moving average, but remains over old resistance. This will be a key ratio to watch throughout Q2 and into Q3.

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Energy ETF XLE broke the downtrend from December, but it appears that move is temporary as the breakout has been lost and a former trend support line has become resistance.

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All World Index ex US ETF ACWX has pulled back to the 10 week moving average. A measured move higher to the 47-48 area remains with resistance around 45 in play as well.

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Europe ETF FEZ is also approaching the 10 week moving average as it has an open measured move from the falling channel breakout to the 38-39 area as well.

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The U.S. Dollar Index remains rangebound, stuck between the 99 and 102 levels. The range breakout will have a major impact on markets, whenever that occurs.

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Thus far in 2017, the drift lower in the dollar has helped non-US stocks outperform as seen in the Emerging Markets ETF EEM to S&P 500 ETF SPY ratio.

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Trade ’em Well

Disclosure:  I have no position in any securities mentioned

For inquiries on premium research for both individual investors and professionals, contact:  Aaron@NorthStarTA.com