ETF update for Tuesday April 17

SPY has broken above it's previous high, QQQQ and DIA have not reached their previous highs. IWM is close to it's previous high. I am patiently waiting for a pullback. I am also surprised by the length of this latest upswing in the index and foreign ETF's. Pullbacks will come eventually.
EEM - Price has reached the trend line that was support, could be a resistance now.

Still long USO, moved my stop loss down to 50.44. If trend line support gives, I will switch from bull to bear and go short. A break of support would be around 50.26.

ETF update for Monday April 16

All index ETF's, gold, and silver are extended on the long side, I'm waiting for pullbacks to support for long entries. When we start to get a pullback, I will highlight the areas of support.
Still long USO, stop loss 50.66.

ETF update for Friday April 13

Today we got a snap back move in the index ETF's. The index ETF's did hit the support areas that I mentioned in my post yesterday. I did not expect them to go straight up. I was expecting some stabilizing first before we went up. I did not go long on the index ETF's, I missed my long triggers by a hair. I am going to wait and see what happens tomorrow before I make any trades.
As I mentioned in my post yesterday, USO was in the support zone and was setting up for a long. Today I went long at 51.64, the trigger was 8/21 moving average cross. My stop loss is at 50.66, looking for a move to 54.

The support zone on USO on a daily chart. The support consists of the daily 50 moving average support and trend line support.

ETF update for Thursday April 12

As I stated in my previous post, I said a downturn was over due. Today we got a pullback, I still think we have some more downside to go. Bottom line, price on a few ETF's which I highlight below have pulled back to first level support zones. At this point we must still be thinking long as the trend is still positive on the 240 min. and daily charts of most index ETF's
QQQQ has pulled back to it's daily 13 day moving average support and the .38 fib support from the March 30 low. I think price has further downside, but will be watching to see if price can stabilize here.

DIA has pulled back far enough to take a look at. This is a 60 min. chart showing price at the .38 fib. support. I would like to see a further pullback to the 200 moving average support around 124, which would coincide with daily 50 moving average support. If we get a trend change to bullish on the 60 min. chart tommorrow, I will look to go long, but my feeling is that we have further downside to go.

USO, United States Oil Fund, is testing the bottom of the up channel in the chart above. It's not close to setting up for me to go long yet, but I'm keeping an eye on it.

ETF update for Wednesday April 11

What can I say, the markets are going up forever and never coming down again. I think the Dow is up 7 or 8 days in a row, the last time it did that was 4 years ago. A regression to the mean, ie. downturn, will come, sooner than later, markets can defy gravity for just so long. Nothing much to outline tonight, have patience and wait for that pullback that will come eventually. Now is the time to stick to your discipline.

ETF update for Tuesday April 10

All index ETF's are overbought and need to pullback for any entries. I will post any setups if and when they occur. Right now, for me, its time to sit on my hands and wait for opportunities.
Sold SLV at 136.78 for a $2.98 gain. Price hit my target at the top of the channel around 137 and I sold out. I will be watching for a pullback in which to reenter.

Sold EEM at close on Monday at 120.91 for a $4.44 gain. I usually sell something when it hits a resistance level or takes out a trailing stop. I sold this position because indicators are very overbought and a downturn should be coming soon. I am a trader and my mission is to buy weakness in up trends and sell when price peaks.

ETF Update for Monday April 9

In this post I will point out the possible resistance areas of ETF's. I am not looking for entries at this point, everything is way overbought and does not offer a positive reward/risk. I am not looking for shorts at this point, just areas of resistance to take profits and observe price action. I am still long SLV, and EEM. SLV is near my price target of 137, EEM is beyond my price target and will sell below support at 119.50. IWM, iShares Russell 2000 index ETF, 240 min. chart showing price at .76 fib resistance and a possible double top. If price does go higher from here, it must contend with the trendline resistance just above where price is at now.

QQQQ - 240 min. chart showing resistance trendline.

DIA - 240 min. chart shows price close to .76 fib. resistance.

EPP, iShares MSCI Pac Index ETF, is right at trendline resistance.

ETF update for Thursday April 5

Still long SLV, had a nice move today, this is a very volatile ETF, so my stop loss is at 133.08. The next resistance is at the top of the up channel around 137, that is my profit target.

Everything is very over extended right now, I am going to wait for pullbacks before initiating any new positions.

Still long EEM, price is just above resistance at 119.58. I moved my stop loss up to 119.27.

ETF update for Wednesday April 4

USO, United States oil fund ETF, has pulled back to it's 8 period moving average. Will be looking for an entry around 53.

Went long SLV at 133.80 on break of wedge from daily 200 moving average support. Stop loss is at 131.93.

Still long EEM from 116.47. Price hit resistance around 119.36, looking to sell tomorrow if price stalls at current levels.

ETF update for Tuesday April 3

I put up a 240 min. chart of DIA to show a wedge pattern that is forming. We are in a congestion area right now on the ETF index's. I don't have a real opinion on the direction of the market right now, it's in a show me a direction phase right now. I will be going long on a breakout to the upside of the wedge and short below. Most foreign index's are near or at back to their highs for the year. Will they stall and reverse at resistance? Or breakthrough and send our index's high? I will be watching the foreign index's closely.

QQQQ 240 min. chart showing a wedge.

240 min. chart of SPY showing the wedge.

SLV, iShares Silver Trust, is bouncing of it's daily 200 moving average support at 130. Other daily moving averages are neutral. On the 60 min chart above, I have put two trendlines on that show a wedge pattern forming. A break of the trendlind would trigger a long around 133.86.

Still long EEM from 116.47. Stop loss at 115.19, target is 119.38.

ETF Update for Monday April 2

The 240 min. chart of IWM, iShares Russell 2000 index, is very interesting. We have come down from the uptrend line resistance which just happened to be where the .76 fib. level was. Now we are at daily, 240, and 60 min. support. It looks to me that we are setting up for another move up, but I am also aware of the resistance. I need to see more price deterioration to start thinking short.

The 60 min. chart of IWM shows the pullback to the 200 moving average support and the .38 fib. support level. If price can get above the trend line and the moving averages cross up I would look to go long some where around 79.79 with a profit target of 82.45.

In my previous post, I suggested going long SPY on a break of the downtrend line at support here. Price did break the trend line, but shot back down on the news about trade with China. I personally did not make the trade because I was not at my computer for most of the day, if I did take the trade, I probably would have been stopped out. It was a very volatile day that was hard to peg where price was heading.

Still long EEM, still acting o.k., stop loss is at 113.39.

ETF update for Friday March 30

SPY 60 min. chart shows a double bottom at daily moving average support. Would go long on a break of downtrend line around 142.47.

SPY has pulled back to moving average support and is in better shape then the Dow and Nasdaq. The downtrend line could hold price back on any advance and the stochastics are rolling over from overbought.

EEM, iShares Emrg. Mkts. Index, pulled back to moving average support, see next chart for trade execution.

Went long EEM at 116.47, stop loss is under support at 113.39(red line). The trigger was the break of downtrend line and moving average cross.

Stopped out of GLD for a .37 loss.

ETF Update for March 29

IWM, iShares Russell 2000 index, is right at support on the daily, 240 min. and 60 min. charts. Looking to go long around 79.90

Stopped out of SPY at 141.91 for a loss of $1.61. I did follow my trading plan of buying a pullback to support, price did not move higher and I was stopped out at my predetermined stop loss. On to the next trade.

ETF update for Wednesday March 28

On the index ETF's, price is being pinched between moving average support and the downtrend line that I have put on the chart. I would go long above the trend line and short on a breakdown under moving average support. The 60 min. charts look a little shaky, but the 240 min. charts still hold good support areas.

Still long GLD from 65.74, price is still above moving average support.

Still long SPY from 143.52, price has come down a little, still o.k. until price goes below 141.60.

ETF update for Tuesday March 27

SPY - Did pullback to it's daily moving average support, which all the index ETF's did. Went long at 143.52, the trigger was a moving average crossover on the 15 min. chart.

GLD - Streetracks Gold, did pullback to moving average support around 65, which triggered a long(see next chart).

GLD -Streetracks Gold, trend did turn bullish on 60 min. chart. Went long at 65.71-74, a little before the price I highlighted in my prevous post. My initial stop loss is at 64.88, which is below support.

FXI - The daily chart shows that the moving averages have crossed up and price has moved through the down trend line, unfortunatly I was stopped out of my position(see next chart).

The 60 min. chart shows my entry and exit. I exited my position before my stop loss was hit Monday morning. Everything was selling off hard and I made a decision to get out while I still had a small loss. As it tuned out was maybe a mistake, but one I can live with. My loss was $1.43 and the first one since I started this blog on February 15th.

ETF Update for Monday March 26

GLD, Streettracks Gold index, did pullback to moving average support around 65. Looking for a long trigger on the 60 min. chart to go long.

The 60 min. chart of GLD shows the pullback. A move up through the downtrend line around 65.90 would have the moving averages turned up and would be a good entry point.

Most all index ETF's are extended on the long side, I am waiting for pullbacks for entries. I will post them here when or if that does happen.

ETF update for Friday March 23

GLD, StreetTracks Gold Index, has turned bullish form the bounce off it's up trend line. Waiting for a pullback to around 65 for a long entry.

EPP, iShares Pacific index ex-japan, is near resistance at 134.82. Nothing specific to do right now, watching to see if price is going to breakdown for a possible short.

ETF update for Thursday March 22

QQQQ did lead the other index's through their 50 day moving average resistance(see yesterday's post). Very impressive day, hard to hold off from buying, but I did sit on my hands when it came to the index ETF's. My strategy is is to buy pullbacks in up trends, and to sell rallies in downtrends. Right now we are between the two, I will be waiting for the right time to enter a trade.

DIA - The moving averages have not turned bullish, but through resistance, I have a neutral bias right now.

SPY - The moving averages have not turned bullish, but have gone through resistance. I'm in a wait and see mode here, the next several days should hold some clues.

FXI, iShares Xinhua China 25, never did breakdown(see yesterday's post) so I did not make a short trade. I did take a small long position when price broke through the downtrend line(see chart). The moving averages have not turned bullish, so I did not go full strength on my long. I will be waiting to see if we can go higher here then pullback to support, that's where I would be putting the big money to work.