China ADRs have lit up in the U.S. this year.  That said, the Shanghai Exchange has been flat.  Actually, it’s 50% off the 2015 high.  The direction of this 10 month range breakout will tell us a lot.


S&P 500 Breadth

The % of S&P 500 stocks above the 200 and 50 day moving averages are at prior low areas.  However, these low areas are nowhere near oversold.  We could interpret this either way to confirm our bias.


The Indices

The Broad Market Indices have really seen a mixed year.  The Russell 2000 is actually only up 1.26% so far this year.



I wrote last week on oil and energy stocks.  This is the big kahuna.  It’s popular for people to try and pick value within the energy space.  Clearly a whole lot of people think 80 was a good value level to buy in Exxon.  It’s now losing that nearly year long support zone.  If this continues lower, this will be a major drag on Energy ETF XLE.


Long Term Treasuries

Bond Funds see an all time high in assets, yet the 30 Year US Treasury can barely get off its back.  Do you really need me to point out the potential multi-year head and shoulders top?

30 year bonds

Thanks for Reading.  I love you guys.  Trade ’em Well