Weekly Stock Charts
Identifying index & ETF trends in weekly stockcharts
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- Last Update: 28 February 2021, 9:50
Feb 27 2021 9:45A Update: Biggest theme for the week was outside wk + down on Q%27s, $XLK, + $ARKK (et al), but in between we had some rippers which made the short side not always easy. (I know b/c I was trading both long + short). Bear trends tend to be harder b/c you get these vicious oversold bounces which can sting if you%27re on the wrong side of the tape. Bull trends are slower - often a relentless grind higher which makes it easier to stay w/ trend. For my part, I like shorting ETFs vs. long strong names like $FSR, $ABNB, $DKNG, $CZR, $APPS, $TRIP, $SBUX. So, there%27s stuff to do on both long + short. No need to get too biased 1 way or the other (yet). I%27m also buying into the red for longer term swings. So, lots of stuff to do if you want - or just sit in cash. Cash is a solid option, take a break, go fishing, hang out with family, read a book or 2, etc. Nothing wrong w/ that. For next wk, I%27m watching 500+ outside wks. If they all go outside + dn, that%27s going to be a problem for the market b/c it%27s going to trigger monthly shooter + down on many ETFs/indexes and that damage is going to be hard to reverse. On the plus side, we%27re getting oversold on many oscillators - so watching for an oversold bounce - and I will be selling into that. The other big variable is the US10Y. We were trading tick for tick w/ bond yields for a while (inverse). So, I%27m watching to see if we can hold <1.5%....or do we rip back up thru + run past 1.6%+. Market won%27t like that. OK, that%27s enough rambling. Trade well, use stops, + manage risk. Good luck out there!
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