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Technical Market Indicators
Dow Theory, W.D. Gann, MetaStock, system tester, indicator builder, custom formulas, momentum, overbought, oversold, buy, sell, signals, top, bottom, Bull, Bear, consolidation, sentiment, contrary opinion
November 12, 2018
Foreign stocks remain systematically bearish.
Preview from my weekly report*
U. S. stock market indexes appear uncertain for the short term. The recent 7-day rally attempt lacked rising volume, suggesting insufficient bullish confidence needed to sustain an advance.
Sentiment currently appears mixed and more neutral, compared to extremely oversold in October.
Historically, seasonal tendencies have been about neutral from 11/13 to 11/16.
It is common for short-term trends to change frequently and with little warning.
The medium-term trend indicators deteriorated as stock prices declined in October. They appear to be consistent with a Secondary Reaction, a significant downside correction.
Long-term trends could be in the process of changing. Note that long-term uptrends tend to change very slowly--and long-term trend change can be confirmed only after a substantial time lag and after a substantial price decline.
Medium-term U.S. stock sector rotation still favors defensive sectors: Consumer Staples, Utilities, and Health Care are outperforming. That reflects cautious or bearish sentiment.
Cyclical sectors are underperforming: Energy, Industrial, Materials, Technology, and Financial are relatively weak. That reflects a loss of bullish confidence.
United States Oil ETF (USO) remained under pressure, falling to new 7-month lows.
The Energy stock sector ETF (XLE) turned down on Thursday and appears likely to turn systematically bearish from neutral in days ahead.
The recovery attempt for the Metals (Gold, Silver, and Copper) collapsed. Metals turned systematically bearish from systematically neutral.
Agriculture turned down and is danger of turning systematically bearish again.
Prices of fixed-income Notes and Bonds remain systematically bearish.
The U.S. Dollar remains systematically bullish.
Emerging Markets and Foreign stocks remain systematically bearish.
The full report offers clear and unbiased guidance on the following each week:
� Global stock markets
� The Defensive stock sectors
� The Health Care sector
� The Cyclical sectors
� The Technology sector
� The Financials sector
� U.S. bonds and notes
� Commodities (Oil, Metals, Agriculture)
� Objective Quantitative Rankings for hundreds of Exchange Traded Funds
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My ETF Rankings are not investment advice. Rather, they are an objective ongoing research study.
Analysis of market forces may offer a sense of probabilities. But the many variables that can impact market prices are notoriously difficult to predict. And, market analysis is something less than an exact science. So, sound trading tactics are always recommended. See my Money Management Rules.
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